Orange County REO Real Estate – Market Update

by leslie on October 6, 2008

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Click here for past week’s REO Market Update

This Week in South Orange County REO Homes for Sale

This week there were 55 South Orange County REO homes for sale new on the market. These range from a $1,059,000 2 bedroom 2 bath 2500 square foot beach house in Newport Beach within biking distance to the sand to a $129,000 2 bedroom 1 bath 700 square foot condo in Lake Forest. A little something for everyone – from the savy investor to the first time buyer. This week also brought us an REO condo in the Marquee at Park Place in Irvine – a 2 bedroom 2 bath 1500 square foot home with pretty cool views listed for sale at $839,000. The $129,000 Lake Forest condo is already sold, as is a 4100 square foot 5 bedroom 4 bath Bank Owned home in Ladera Ranch which was listed this week for $949,900 and sold in 3 days.

Orange County REO Market Trend

Of the 55 new South Orange County REO, 7 sold in the same week – 13% of the Bank Owned inventory off the market almost as soon as it hit. One of the new REO homes for sale this week was sold before it hit the market – by the listing agent. Most likely due to pre-marketing the home while waiting for the bank’s approval on the listing price and terms of sale. The REO market is still the fastest moving of the three current South Orange County Real Estate markets. Go find a great deal on a home and buy it before someone else does!