For those that did not know one of every two homes sold in Orange County are distressed sales. That means that they were either bank owned or they were short sales. The actual statistic for July was 52 percent. It would take 2.29 months to sell all the distressed properties on the market. By comparison it would take 5.12 months to sell all the non-distressed properties.
There were 3615 distressed Orange County properties listed for sale. 32 percent of the 11,103 listed overall. 1581 escrows were opened to buy distressed properties that is 52 percent of the 3044 new pendings sales countywide.
Distressed properties sell 21/4 times faster than non-distressed properties. Of the distressed properties only 18 percent were bank owned properties. One last but interesting statistic 101 of the distressed properties listed for sale were above $1,000,000.
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