Half of Lake Forest listings are distressed homes

Posted on by Listify Me

The overall Lake Forest home market — older parts of the city, Foothill Ranch and Portola Hills — had 290 residences listed for sale as of May 12 with 117 new deals opening in the past 30 days. That means, by one theory, it would take 2.48 months to sell all inventory at current pace of new escrows in the Newport region vs. 3.68 months countywide.

That’s the buzz from the biweekly housing market report from Orange County broker Steve Thomas.


The Lake Forest communities combined had 144 residences listedthat were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 50% of supply of homes for sale vs. 33.9% countywide.

By neighborhoods:

LAKE FOREST

  • 204 residences listed in brokers’ MLS system with 81 new deals opening in the past 30 days.
  • By Thomas’s math, this community has a “market time” (months in would take to sell all inventory at current pace of new escrows) of 2.52 months vs. 2.64 months found two weeks earlier vs. 1.57 months seen a year earlier. Countywide, latest market time was 3.68 months vs. 2.53 months a year ago.
  • Of the homes listed for sale in this community, 109 were either foreclosures or short sales. So distressed properties were 53.4% of supply of homes for sale vs. 33.9% countywide.
  • Homes for sale in Lake Forest represent 1.8% of Orange County inventory — and 2.9% of distressed homes for sale. New escrows here are 2.7% of all Orange County’s new pending sales.

FOOTHILL RANCH

  • 64 residences listed and 25 new deals opening in the past 30 days.
  • By Thomas’s math, this community has a “market time”of 2.56 months vs. 2.65 months found two weeks earlier vs. 1.50 months seen a year earlier. Countywide, latest market time was 3.68 months vs. 2.53 months a year ago.
  • Of the homes listed for sale in this community, 23 were either foreclosures or short sales. So distressed properties were 35.9% of supply of homes for sale vs. 33.9% countywide.
  • Homes for sale in Foothill Ranch represent 0.6% of Orange County inventory — and 0.6% of distressed homes for sale. New escrows here are 0.8% of all pending sales.

PORTOLA HILLS

  • 22 residences listed and 11 new deals opening in the past 30 days.
  • By Thomas’s math, this community has a “market time”of 2.00 months vs. 1.57 months found two weeks earlier vs. 1.88 months seen a year earlier. Countywide, latest market time was 3.68 months vs. 2.53 months a year ago.
  • Of the homes listed for sale in this community, 12 were either foreclosures or short sales. So distressed properties were 54.5% of supply of homes for sale vs. 33.9% countywide.
  • Homes for sale in Portola Hills represent 0.2% of Orange County inventory — and 0.3% of distressed homes for sale. New escrows here are 0.4% of all pending sales.

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