Recent Activity in the Fastest Moving of the Three Markets in Orange County – the REO Homes for Sale
This week in South Orange County, 49 new Bank Owned homes for sale hit the MLS as active listings. As a bold statement as to how impactful the news regarding the Bail Out Package, and the government take over of WaMu, in dramatically slowing the momentum in the REO market of homes for sale in South Orange County. Only four of these sold in the same week the same week they were listed for sale, substantially off from the 57 new REO homes for sale that sold in the previous week. Not surprisingly, there are 325 REOs currently in escrow – a really clear view of how quickly these homes are selling. There are a total of 252 active REO homes for sale in South Orange County. 325 in escrow. 252 active. Do the math.
Update on the Short Sale Market in South Orange County
Forty-nine new Short Sale listings are for sale in South Orange County this week. 71 went into back up or pending status, and 34 came off the market as cancelled, expired, or withdrawn. The Short Sale market continues to be the most frustrating of the three Real Estate Markets in South Orange County today. Frustrating to the buyers who wait weeks and even months to hear any response to their offer. Frustrating to the home owner who sits on pins and needles waiting to see if they can forestall foreclosure. And frustrating to the Real Estate professionals who try to help both buyers and sellers. 506 Short Sale homes are currenly in escrow out a total of 1241 Short Sale and pre-foreclosure listings available for sale in South Orange County. Here’s the math again. 506 Short Sale Listings in escrow currently. 1241 total Short Sale homes for sale in South Orange County. Let’s review the Supply and Demand in the open market. Hmm.
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