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 …

And in other mortgage news…

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Posted in: Defaults & Foreclosures • Meltdown

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Dina says:

November 20, 2008 at 3:32 am

How many are short sales?

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bassist says:

November 20, 2008 at 7:58 am

Alt-A and Option ARM foreclosures from resets in ‘10 & ‘11 will dwarf these numbers!

glow22 says:

November 20, 2008 at 9:29 am

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

Greg Gamble says:

November 20, 2008 at 12:33 pm

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.

rants says:

November 20, 2008 at 2:07 pm

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

mav says:

November 20, 2008 at 2:20 pm

matt reads the europac website like it’s the sunday comics….

Albert Franklin says:

November 29, 2008 at 12:50 pm

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!

Orange County Register