Every two weeks, Orange County broker Steve Thomas publishes a report on the supply of local homes for sale and the share of that inventor that’s distressed properties — foreclosures and short sales. His latest report — as of May 12 – says …

• 3,798 distressed Orange County properties were listed for sale – 43% of the 4,355 listed overall.
• 17% of the distressed listings were foreclosures being sold by banks; 83% of the distressed listings were short sales.
• 3% of distressed listings ask for more than $1 million for the home vs. 17% of all current Orange County listings run for $1 million-plus.
• 49% of the distressed listings were attached homes; 51% of the distressed listings were detached residences.
• At right is a summary of trends in Thomas’ report, distressed counts and share of all listings (plus, pending sales and market time — demand divided by inventory.)

His view on distressed properties …

… the active distressed inventory dropped by 36 homes in the past couple of weeks. The distressed inventory now totals 3,798. The expected market time for foreclosures is remains incredibly HOT at 1.46 months. There are currently only 664 foreclosures within the active listing inventory, a drop of seven homes. There are currently 3,134 short sales on the active market, decreasing by 29 homes in the past month. The expected market time is 2.82 months for short sales, also a seller’s market.

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