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39% of O.C. home sales are foreclosures
November 20th, 2008, 3:00 am · 7 Comments · posted by Jeff Collins
DataQuick reports that four out of every 10 existing homes sold in Orange County last month were recently foreclosed homes, up from 11 percent the year before.
The proportion of sold homes that had been foreclosed upon in the previous year has risen steadily each month, helping to boost overall home sales while pulling down median home prices (Click on chart to enlarge).
Still, Orange County had Southern California’s lowest proportion of foreclosed homes selling in October. In Riverside and San Bernardino counties, two out of every three existing home sales was a foreclosed home.
Here’s the breakdown:
- Orange County: 39.2 percent
- Los Angeles: 40.3 percent
- Ventura: 47 percent
- San Diego: 48.6 percent
- San Bernardino: 65.2 percent
- Riverside: 67.7 percent
- SoCal: 51 percent
Just 16 percent of all Southern California homes sold in October 2007 were foreclosures.
More from DataQuick …
- Will drop in foreclosures stick?
- O.C. foreclosures plunge to 7-month low
- O.C. home price now $225,000 off peak
- Bargains boost SoCal home sales a record 67%
- O.C. Oct. homebuying up 66%
And in other mortgage news…
- Citigroup to cut 50,000 jobs
- O.C. distressed homes selling 1% above asking price
- Sunday real estate reading
- Can a piece of paper prevent another mortgage crisis?
- FDIC proposes $24 billion to pay half of lender losses on modified loans
- When insurers kill your mortgage application
- “Worse than the Depression”
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How many are short sales?
Alt-A and Option ARM foreclosures from resets in ‘10 & ‘11 will dwarf these numbers!
Bad news…there’s a new version of subprime loans growing out there.
http://www.businessweek.com/magazine/content/08_48/b4110036448352.htm?chan=top+news_top+news+index+-+temp_top+story
With the sales of foreclosure up, we are nearing a time where we will see the largest erosion of the middle class. My guess is a large percentage of buyers of these foreclosured homes in OC are not typical owner occupieds. They are investors. As noted above mortgages will again re-set causing more potential mortgage problems in the near future. Couple this with the job losses and it further supports the case that this down turn could easily last for the next few years.
hey matt- are you still laughing at the gentleman who
said were headed towards another great depression?
then heres some more news for you that you’ll get a real
laugh from…..
http://calculatedrisk.blogspot.com/2008/11/graph-worst-crash-since-great.html
matt reads the europac website like it’s the sunday comics….
If this was as fatal as bankers would have us believe, then we would be stepping on them everywhere after they jumped to their impending deaths?
Instead, they have us checking our bank account balance seeing if and only if they have for pure pirate purposes decided to take it for their own uncontrolled pleasures!