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12% of Orange County Housing Inventory in Distress

By
Real Estate Agent with Keller Williams Realty 00998118

According to an article in the Orange County Register that 12% of the entire housing inventory is in distress.  Short sales and foreclosures in Orange County account for 12 percent of the active inventory and 15 percent of all escrows opened within the prior month. The index used shows the inventory - to selling ratio continuing to erode. By this index, it would take 15.17 months for buyers to purchase all of the homes for sale at the current pace vs. 14.73 months two weeks earlier and vs. 7.10 months a year ago.

With going into the traditionally slowest time of the year (November - January) I expect the inventories number to grow between now and the beginning of next year.

For more great Orange County market insight and industry news visit Laguna Niguel Real Estate or view the Orange County Market Trends at Orange County Real Estate.

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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland
Only one cure, drastic price reductions.  Sellers are going to have to give back some of that 100% appreciation gained since 2002. 
Oct 10, 2007 09:50 AM
Anonymous
Jay Oku

And to add insult to injury the Jumbo rates are still far from where they were a couple of months ago.

Hopefully there will be some action taken to increase Conforming Loan limits to $625,500 like in Hawaii and Alaska to help buyers in the heated CA market.

 

Oct 10, 2007 10:20 AM
#2