Huntington Beach Short Sales – By the Numbers
Huntington Beach has seen a large decline in prices in the past few years, just like the rest of Orange County. As a result, short sales have become common place.
It’s obvious from reviewing the numbers for the current Huntington Beach real estate market that it too reflects this loss in value.
There are 489 homes currently for sale in Huntington Beach, and 120 of them are short sales or in the foreclosure process. This means that nearly 25% of all of the homes that are for sale are short sales.
Even more interesting is the fact that of the 1584 homes that sold in Huntington Beach in the last 12 months, only 260 of them were short sales. Considering the fact that that the majority of homes that are currently in escrow are short sales, it makes one wonder why only 16% of the homes that sold in the last year were short sales.
My hope is that we’ll see these numbers even out and a closer ratio between the number as more lenders begin to approve short sales. However, I fear that we will continue to see that many homes in this situation that go in to escrow as won’t close.
Why do so many fewer homes close? I believe there are several reasons. The first is that it can be difficult to get the lender to approve the short sale. Secondly, even if the lender approves, it can take months, and often the buyer gets frustrated and cancels the transaction. Additionally, not all sellers may have been properly qualified to be a short sale seller.
If you are upside down in your home, are facing potential foreclosure and would like to know your options, please contact us at 714.319.9751 for a free consultation to discuss your options.