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Distressed homes for sale above 40% of O.C. supply
August 11th, 2008, 12:01 am · 14 Comments · posted by Mathew Padilla
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 5,950 last week, +56 vs. two weeks earlier or a +0.95% change. And…
- As a percent of all listed homes for sale, distressed properties were 41.5% of the market last week vs. 40% two weeks earlier.
- Since Dec. 27, the number of distressed homes on the market has grown 2,199 while the non-distressed supply is 3,366 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 | 6,975 | 4,608 | 66% |
| • O.C. $500k-$750k | 2,969 | 943 | 32% |
| • O.C. $750k-$1m | 1,622 | 273 | 17% |
| • O.C. $1m-$1.5m | 1,183 | 129 | 11% |
| • O.C. $1.5m-$2m | 664 | 32 | 5% |
| • O.C. $2m-4m | 778 | 22 | 3% |
| • O.C. $4m+ | 348 | 2 | 1% |
| All O.C. | 14,348 | 5,950 | 41% |
| • Attached | 5,406 | 2,606 | 48% |
| • Detached | 8,945 | 3,344 | 37% |
| County high share … | |||
| • Santa Ana | 1,500 | 1,191 | 79% |
| • Anaheim | 1,065 | 760 | 71% |
| • Garden Grove | 539 | 368 | 68% |
| County low share … | |||
| • Corona Del Mar | 171 | 4 | 2% |
| • Laguna Woods | 431 | 11 | 3% |
| • Seal Beach | 198 | 7 | 4% |
Related topics…
- Mapping foreclosures in O.C.
- Foreclosure threat spreads in O.C.
- Nearly 80% of Calif. homeowners lose home after first warning from bank
- June foreclosures top 1,000 for a second month
- 2 of 5 subprime borrowers who got help defaulted again
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40% admit they are in distress, the other 60% are in denial.
Look at the bottom tier - 66% of the market supply is bank owned. This tier of the market is totally broken, fully disfunctional.
Any bargins yet?
The vast majority of potential “pent-up demand” first-time buyers, as I see it, can’t afford to pay much more than $2,500 per month for a mortgage payment. With today’s interest rates (which may well go up), that translates out to a house priced in the low to mid $400K’s.
Mr. Turkey-
How exactly does the fed pump liquidity into the mortgage market while raising rates? Seems like a conflicting goal to me. Higher rates will slow the real estate market even more. The Fed can’t fight deflation in real estate, while fighting inflation of consumer goods. They have to choose one or the other to focus on. They don’t have the power to inject liquidity into one sector while constraining liquidity everywhere else.
this. is. not. good
This doesn’t include bank REO inventory, which is probably as large again as total MLS inventory. When the banks open the floodgates on those, watch what happens.
If the crash and burn scenario that every one in here is suggesting takes place, all the major banks plus the US Government will go out of business. Consequently all of our cash in the banks will go down with it. Don’t count on your “obvious” signs of further crash happening. They will not let the prices go on another free fall. The Banks will rent the REO’s for a few years rather than selling them if they have to ! Also you may have noticed that they are controlling the paste of listing their REO’s for sale so that the price erosion stays under control.
Shane,
I used to work special assets for a commercial bank. There is no possible way under the sun what you suggust is going to happen.
hey mully/truthy/alfafa/and-other-head-in-the-sand-types: how you like them apples??!!
them there is some harsh numbers for you ostrich permabulls to mull over.
What happened to Downey Savings today? Oh… right, they got the memo from the OTS today. Yeah… that run of $219 million put them on notice. Marketwatch has the story, but their links s*ck.
no_vaseline,
Which one of my suggestions you don’t like? The one about the whole financial system crashing if prices fall further or the lenders controlling the paste of new REO listing?
Any of it.