http://echem-eg.com/moc-2019/ Orange County Short Sales – A Trend Without End?
Tayshet Short sales have become a hot topic in the last couple of years in Orange County. How many people before that were even familiar with the term which refers to the difference between what a home is worth and what is owed on the mortgage when a person owes more on their home than it’s worth.
Perhaps you have heard of the foreclosure crisis and the number of foreclosures that are hitting the real estate market. But, when you really look at the numbers, the true crisis is in the short sales.
There are currently 11713 homes either for sale or in escrow in Orange County. Of those homes, 5318 of them are in the foreclosure and/or short sale process. This is over 45% of the homes currently for sale or already in escrow.
The number is even higher when looking at only those homes that are in escrow. Of the homes in escrow in Orange County, nearly 66% or 2/3 of the homes are in the foreclosure and/or short sale process.
Why is the number of homes in escrow that are short sales so much higher than those that are actively on the market (30%)? My expectation is that there are probably a few reasons.
First, it is likely that a portion of the homes that are not short sales, probably should be, but there are many sellers who hope to sell their home as a standard sale and are avoiding pricing the home properly, which would result in a short sale.
Secondly, short sales may represent a better deal to buyers. A distressed property may sell for less than fair market value as banks attempt to get short sales and distressed homes off their books and off their desks.
Please click the link for more information about short sales and foreclosures in Orange County, CA or contact me at 714.319.9751 for a free consultation to discuss your options to avoid a foreclosure.
***************************************************************************
About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.
Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? For more information see Options to Foreclosures or contact me at christine@donovanblatt.com to discuss your options.
Want to buy a home or to list your property for sale in Newport Beach, Costa Mesa, Huntington Beach or Orange County? Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.
Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.
Click Orange County homes for sale to view all OC homes for sale. Copyright © 2010 by Christine Donovan, All Rights Reserved. Orange County Short Sales – A Trend without End?