Pending sales are through the roof in Orange County!

If you have been working with potential buyers who are interested in purchasing a bank owned foreclosure house in Orange County, then you know how hot the market is right now.

Most bank owned foreclosures that I have looked at in Anaheim, Fullerton, Placentia, Brea, La Habra, Yorba Linda, Anaheim Hills, Orange, Buena Park and Garden Grove are usually receiving multiple offers in just a few days on the market. I had one client interested in making an offer over the weekend, but after calling the listing agent, I was told that there are currently 45 offers on that property and they are no longer taking offers. 45 offers!! I suddenly got the feeling that this market was as hot as it was back in 2004 & 2005. After doing some research, I can now see that the pending sales of September 2008 are now about to surpass the pending sales of 2005! So the question, "Have we hit the bottom?" If you look at this chart below you can only come to one conclusion. Despite what may be happening in the rest of the country, Orange County California's pending sales, especially with bank owned foreclosures, is red hot and we may even start to see some appreciation as early as next spring 2009. Any predictions on when we will see listing and sold prices actually increase in Orange County?

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