O.C. distressed homes for sale stay flat
July 15th, 2008, 12:01 am · 6 Comments · posted by Jon Lansner/ocregister.com
Home market watcher Steve Thomas at Re/Max Real Estate Services in Aliso Viejo reports that the number of O.C. distressed properties (homes listed by agents as foreclosures or short sales) was 5,953 last week, up just 7 vs. two weeks earlier. Noteworthy trends from Thomas’ report:
- In the past six weeks, the supply of distressed properties for sale have grown at an 8-a-week average vs. 103-a-week in the previous 20 weeks.
- As a percent of all listed homes for sale, distressed properties were 40.5% of the market last week vs. 40.1% two weeks earlier vs. 27% on Jan. 24.
- Since Dec. 27, the number of distressed homes on the market has grown 2,202 BUT the non-distressed supply is 3,016 lower.
Here’s a look at various slices of the O.C. market as of last Thursday: total inventory listings; distressed property listings; and the share distressed listings have of total inventory supply on a percentage basis in each niche …
| Slice | All inventory | Distressed | Share |
|---|---|---|---|
| By price … | |||
| • O.C. $0-$500k | 6,875 | 4,663 | 68% |
| • O.C. $500k-$750k | 4,167 | 908 | 22% |
| • O.C. $750k-$1m | 1,750 | 262 | 15% |
| • O.C. $1m-$1.5m | 1,184 | 122 | 10% |
| • O.C. $1.5m-$2m | 654 | 33 | 5% |
| • O.C. $2m-4m | 761 | 19 | 2% |
| • O.C. $4m+ | 253 | 2 | 1% |
| All O.C. | 14,701 | 5,953 | 40% |
| • Attached | 5,478 | 2,568 | 47% |
| • Detached | 9,224 | 3,373 | 37% |
| County high share … | |||
| • Santa Ana | 1,513 | 1,164 | 77% |
| • Anaheim | 1,141 | 804 | 70% |
| • Garden Grove | 557 | 372 | 67% |
| County low share … | |||
| • Laguna Woods | 433 | 6 | 1% |
| • Corona Del Mar | 174 | 3 | 2% |
| • Seal Beach | 198 | 9 | 5% |
Other lending news …
- How home-equity loan cuts are hitting home
- Governor signs mortgage reform bill
- No more lying about your income?
- O.C. foreclosures hit new record in May
- … but mortgage defaults dip in June in Orange County
- O.C. mortgage rates slide
July 15th, 2008 at 9:55 am
uh oh… this one definitely doesn’t help!
July 15th, 2008 at 12:19 pm
Thomas needs to learn how to work a spreadsheet. If you add up the numbers by price for “All Inventory” they equal 15,644, yet his total says there are only 14,701. The numer of distressed properties total 6,009, but his total says there are only 5,953. If he can’t get these numbers right, how on Earth can we trust any of his numbers?
And, this is not a one-time occurrence. Go back to any of his reports, and you will see similar addition errors. I have personally emailed him in the past about his numbers, but never received a reply. Instead, he continues to put up numbers that are blatantly wrong.
Jon, care to ask Steve about his problem with addition?
Oh, and he has been predicting Y-O-Y gains in sales based on his new pending escrows “demand.” But these gains never materialized. Why not? More bad numbers?
July 15th, 2008 at 1:41 pm
The attached and detached properties does not add up to the total either.
July 15th, 2008 at 4:18 pm
You guys are right it’s kind of a mess.
July 15th, 2008 at 6:22 pm
Wow! His numbers are a mess. According to the bulls Steve “Quantum Economics” Thomas was the most credible source in the industry for accurate market patterns. He can’t even get basic addition to work in his spreadsheet. Well… just like the all the other bulls, basic math skills are not their strong point.
July 20th, 2008 at 4:01 pm
the 1 to 1.5 million market has now crossed the 10% distressed mark with the 1.5 to 2 million market soon to follow.