For buyers looking for a "deal" in purchasing a foreclosure, in October, the sales price to list price ratio was 101%. This means, on average, foreclosures sell for over the asking price.
The total inventory of foreclosures and short sales increased 5% over the past two weeks to 5,801 houses and condos. The increase was mostly due to short sales, when a borrower lists a property hoping the the bank will accept less than it its owed on the property.
Minus Talega (down 24%) and Portola Hills (down 24%), every area in Orange County realized a year over year increase in the number of distressed properties (foreclosures and short sales) on the market.
Higher end markets are no longer immune to foreclosures and short sales, even though they remain a small percentage of the current active inventory within those areas. (84% of all distressed properties can be found at or below $500,000, and 95% are below $750,000.)
In October, the sales price to list price ratio for short sales was 97%. This means that there was a little bit of flexibility in selling short sales.
Here's a breakdown of distressed listings:
| Slice | All inventory | Distressed | Share |
|---|---|---|---|
| By price ... | |||
| • O.C. $0-$500k | 6,871 | 4,537 | 66% |
| • O.C. $500k-$750k | 2,470 | 830 | 34% |
| • O.C. $750k-$1m | 1,374 | 283 | 21% |
| • O.C. $1m-$1.5m | 996 | 98 | 10% |
| • O.C. $1.5m-$2m | 612 | 38 | 6% |
| • O.C. $2m-4m | 705 | 20 | 3% |
| • O.C. $4m+ | 360 | 0 | 0% |
| All O.C. | 13,258 | 5,801 | 44% |
| • Attached | 5,141 | 2,596 | 50% |
| • Detached | 8,039 | 3,182 | 40% |
| County high share ... | |||
| • Santa Ana | 1,275 | 1,003 | 79% |
| • Anaheim | 939 | 707 | 75% |
| • Garden Grove | 491 | 359 | 73% |
| County low share ... | |||
| • Seal Beach | 341 | 8 | 2% |
| • Corona Del Mar | 181 | 7 | 4% |
| • Laguna Woods | 421 | 17 | 4% |
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