Orange County Distressed Sales Update

 

It's probably no surprise to most that Orange County home prices had a huge decline in the last few years.  At one point, the median fell almost 35% from the high in 2006 of over $627,000 to approximately $415,000 in 2009.

Along with the decline, came a steep rise in the number of distressed sales in Orange County.  We have broken down distressed sales in to three distinct categories -

  1. REOs/foreclosure/bank owned homes - also known as real estate owned
  2. Short sales - which includes those that are listed as short sales and homes that are in the foreclosure process or have had a notice of default filed
  3. Other distressed sales - including bankruptcies, probate sales and auctions.

 

 

As you will see below, the short sales make up a large percentage of homes that sold in 2010, approximately 42% of all homes that sold in 2010 in Orange County were distressed, and approximately 25% of all homes sold in Orange County in 2010 were short sales.

 

 

The numbers are even higher for distressed sales when viewing homes that sold for less than $500,000. Of these homes, approximately 51% of all homes sold were distressed; 31% were short sales, and 19% were foreclosures.

Given these numbers, it is apparent that the Orange County market will continue to carry distressed sales for some time to come. Therefore, if you are considering buying or selling an Orange County home, it is important that you speak with a real estate professional who is knowledgeable about short sales.

We have succesfully helped buyers and sellers with short sales and foreclosures.  If you have questions about buying or selling in the current Orange County homes market, please give me a call at 714-319-9751.

Numbers are believed to be accurate but are not guaranteed and are per Dataquick and SoCalMLS.

Originally posted at Orange County Homes.

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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.

Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? For more information see Options to Foreclosures, understanding short sales or contact me at christine@donovanblatt.com to discuss your options.

If you want to buy a home or to list your property for sale, please click Newport Beach homes, Costa Mesa homes, Huntington Beach homes or Orange County homes.  Click the link if you are interested in buying a home at a courthouse auction sale.

Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.

Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.

Federal Government Disclaimer (MARS) 

  1. You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject or accept the offer, you do not have to pay us.  
  2. Christine Donovan, DonovanBlatt and Donovan Group are not associated with the government, and our service is not approved by the government or your lender; and 
  3. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Click Orange County homes for sale to view all OC homes for sale.

 
This post has been included in California Real Estate News Orange County, CA Real Estate News
Post is included in group: HyperLocal Neighborhood and Community Posts
Post is included in group: Orange County Real Estate
Post is included in group: Posts to Localism
Post is included in group: Short Sale REALTORS®
Post is included in group: Short Sales Specialists

6 Comments on Orange County Distressed Sales Update

JAN
12
2011

That short sales 'sold' percent should be much higher!!  Too many short sales still fail.  As agents we must start to take control of our transactions and not give ourselves an 'out' by blaming the banks for being greedy... because that's what the are and we know it.   So instead of being mad at the greedy banks for being greedy, we need to quit giving them power by blaming failed short sales on the banks and blame ourselves if we let the bank take advantage of us or our clients.

Hope 2011 is a great year for you.

 

Trent

TheShortSaleGenius.com
1:38am • #1
1,348,414 Points 41 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Trent - I agree agents need to get better at closing the percentage.  This was actually showing all solds as compared to short sales.  Perhaps not presented clearly enough.
1:52am • #2
878,477 Points 75 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Just amazing how many distressed properties there are in your area. I hope you see a big improvement this year.
8:40am • #3
JAN
13
2011
1,371,500 Points 151 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Love the presentation and the graphics!  If it is any consolation your area looks better than ours :-D
9:09am • #4
1 Featured Post

Pretty amazing statistics Christine, and a concise display of the data to support it.

This should be a real eye opener for any real estate professionals in the area that short sales will continue to dominate the market this year.

--Andrew
12:43pm • #5
MAR
08
2011
1,348,414 Points 41 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Bill - Me too.

Renee - Thank you, and I'm not sure that's much consolation ; )

Andrew  - I would hope that most realize that by now.
12:26am • #6

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Christine Donovan Costa Mesa CA Homes Broker/Attorney 800-610-7253 DRE01267479

Costa Mesa, CA

More about me…

Donovan Blatt Realty

Address: 250 E. 17th St., Ste. 295, Costa Mesa, CA, 92627

Office Phone: (800) 610-7253

Cell Phone: (714) 319-9751

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Author Bio: Christine Donovan is a real estate broker and attorney. She is a lifetime local resident of Orange County, and the head of the DonovanBlatt Team which specializes in real estate sales and purchases in the Orange County area with a focus on Costa Mesa, Newport Beach and Huntington Beach.

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