The Active Listing Inventory: The
active listing inventory has decreased by 5% over the last month.
The active listing inventory has been reduced by 522 homes over the past
month and now totals 10,044 homes for sale. The current active inventory levels
are healthier than a year ago, with 1,449 or 14% fewer homes for sale.
The Distressed Market:
The distressed inventory remains much the same.
The impact of “robo-signing” and the ensuing multi-state lawsuits has slowed
the foreclosure process and has resulted in a 14% decrease in available
distressed properties for sale here in Orange County. We started the year with
4,123 foreclosed properties and short sales on the market, and currently there
are 3,544.
Lending institutions typically do not like the bad press that accompanies
foreclosures carried out during the holidays, so, for the remainder of the year
we can expect the distressed inventory to not change much.
The active distressed inventory decreased by 44 homes in the past two weeks
and now totals 3,544. The foreclosed properties inventory increased by 10 homes
in the past two weeks and now totals 693. With an expected market time of 1.76
months, it’s a very HOT seller’s market for foreclosed properties. The short
sale inventory decreased by 54 home in two weeks and now totals 2,851,
representing 28% of all active listings in Orange County. The expected market
time for short sales is 2.55 months, also very hot.
