Recent figures show that foreclosed homes in Orange County accounted for the smallest share of home sales in over 5 years. Specifically, only just over 8% of OC houses sold in March had gone through foreclosure in the previous 12 months. This is the lowest percentage since August 2007. And an impressive drop from last year, when foreclosed homes accounted for 24% of sales.
Real estate investors are surely disappointed as ‘steal’ properties are fewer and further between these days. In fact, the drop in foreclosed homes is the latest indicator that distressed properties – which had been dragging down Orange County home prices — continue to account for a shrinking share of the local housing market, allowing home prices to steadily rise. The selling prices of homes I have sold recently also indicate that Orange County’s real estate market is on the rise! Talk to me to learn more.
Additionally, short sales (homes that sell for less than the amount needed to pay off their mortgages) in Orange County, also are shrinking. The numbers show that these short sales accounted for almost 18% percent of all OC home sales last month, compared to 25% a year earlier. In total, Orange County foreclosures and short sales dropped to 26% of the market in March, down from 50% a year earlier!
This is good news overall, as low mortgage rates, fewer foreclosures, and back on track asking prices make for a strong local economy.
Cheryl Marquis has been an active and successful real estate agent in South Orange County, California for more than 25 years. As a TOP PRODUCER in her company, Cheryl has received the specific accreditation of a Certified Relocation Specialist (CRS) and Accredited Buyers Agent (ABR) and is a member of the Who’s Who of Luxury Real Estate, a select network of the world’s leading luxury home agents. Cheryl is a member of C.A.R. (California Association of Realtors), N.A.R. (National Association of Realtors) and O.C.A.R. (Orange County Association of Realtors). To talk to Cheryl about buying or selling a home in Orange County, call her at 949.683.1501 or visit her online at www.CherylSellsOC.com