Like the rest of Orange County, Huntington Beach has seen a large decline in prices in the past few years. As a result, short sales have become common place.
In reviewing the numbers, it’s obvious the current Huntington Beach real estate market reflects this loss in value.
Of the 489 homes currently for sale in Huntington Beach, 120 of them are short sales or in the foreclosure process. This is nearly 25% of all of the homes that are for sale.
The numbers are even more incredible for homes that are currently in escrow. Of the 291 homes that are currently in escrow, 159 of them are short sales. Nearly 55% of these homes are short sales, making them the majority of homes in escrow.
However, of the 1584 homes that sold in Huntington Beach in the last 12 months, only 260 of them were short sales. So, despite the fact that the majority of homes that are currently in escrow are short sales, only 16% of the homes that sold in the last year were short sales.
Perhaps, we’ll see an increase in the number as more lenders begin to approve short sales. However, I expect that we will continue to see that many homes that go in to escrow as short sales won’t close.
There are numerous reasons for this, but the best way to make certain that your short sale closes is to choose the right option if you are facing foreclosure and the best way to do this is to know what your options are.
If you are upside down in your home and facing potential foreclosure, please contact us at 714.319.9751 to discuss your options.