Just did a check on how the market in my area is doing. I work out of Lake Forest, CA Population is over 78,000
Total Active on the market
11/2/09- - 145 homes, 89 detached, 56 attached
.Short Sale Active
11/2/09- -59 out of 145
REO Active
11/2/09- -10 out of 145
In Default Active properties
11/2/09- - 5 out of 145
That leaves 71 out of 145 as equity sellers for 11/2/09
October is looking better than September did. The changes that have happened in Lake Forest are showing an improvement. We are showing a decrease in distressed properties on the market with 69 out of 145. Short sales sellers and REOs are taking a larger percentage of the active market. October is one of the slower buying months and inventory has remained the same lower than usual.
As we go into the fall the market Lake Forest will change some! It always does! Equity sellers are at 48% of the market for October. Are we seeing the "shadow inventory" starting to come on the market or is the buying season just slowing down? My pick is the slow market!
We have 71 properties in backup and 38 that are pending.
Let me know how things are going in your market.
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