Foreclosure resales smaller share of market
May 19th, 2009, 6:48 pm · 4 Comments · posted by Mathew Padilla, Reporter
Foreclosures accounted for 37.8% of 2,292 house and condo resales in Orange County last month, down from 39.8% of resales in March but up from 27.3% a year earlier, reports DataQuick
As a ratio, the peak for foreclosures was 46% of resales in January. The chart - click on it for larger image - shows resales generally rising from August 2007, the start of the credit crunch. (For actual foreclosures CLICK HERE, and for prices and sales figures HERE.)
Here's what DataQuick said yesterday for the six counties from Ventura to San Diego:
Foreclosure resales - homes sold in April that had been foreclosed on in the prior 12 months - accounted for 53.6 percent of all Southland resales last month. It was the seventh consecutive month in which post-foreclosure properties made up more than half of all resales.
The deep discounts associated with foreclosures have created stiff competition for builders, who last month sold the lowest number of newly constructed homes for an April since at least 1988.
At the same time, the number of single-family houses that resold last month was at record or near-record-high levels for an April in many of the more affordable, foreclosure-heavy inland markets. They included Palmdale, Lancaster, Moreno Valley, Perris, Indio, San Jacinto, Lake Elsinore and Victorville.
In other n
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