The number of foreclosures in Orange County continues to drop and over the past two weeks we have reached our lowest total of foreclosures countywide since June of 2010...nearly 2 years!
What this means to you as a home buyer is that there will be fewer and fewer of these deals available as experts predict that 2012 will be a year of foreclosures being a hot commodity with an expected market availability time of only 1.1 months. In plain English, they will go fast and you will lose out if you wait too long.
Short sales have reached their lowest point since December of 2009 with an expected market availability time in 2012 of only 1.6 months.
Jonathan Lansner and Jeff Collins of the Orange County Register just posted this and other new vital information for sellers and buyers this morning. Here are some highlights...
- 47% of current distressed listings are attached homes
- 53% of current distressed listings are detached homes
- Only 3% of all distressed listings are priced above $1 million
- Conversely, 78% of all distressed listings are price $500,000 or less.
Click on the above link to read the entire article.
If you're on the market and have been playing the waiting game, make sure you do your homework and consult with a real estate professional you trust. Whether you're buying or selling, it's important to know the market so you can have realistic expectations.
For more help and hints, just call me...your Beach Areas Specialist at 562-244-8021, visit my Beach Areas Real Estate Specialist webpage or visit me on Facebook.
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