Every two weeks, Orange County broker Steve Thomas publishes a report on the supply of local homes for sale and the share of that MLS-listed inventory that’s distressed properties — foreclosures and short sales. His latest report — as of June 9 – says …

• 3,844 distressed Orange County properties were listed for sale – 34% of the 11,337 listed overall.
• 18% of the distressed listings were foreclosures being sold by banks.
• 82% of the distressed listings were short sales sold by owners whose mortgage exceeded the home’s current value.
• 3% of distressed listings — 41 homes — are for sale at more than $1 million vs. 18% of all current Orange County listings run for $1 million-plus.
• 77% of distressed listings — 2,976 homes — are for sale at $500,000 or less vs. 52% of Orange County listed residences at a half million or less.
• Note: 1 in 2.5 homes listed under $1 million is “distressed” vs. 1 in 49 above $1 million. So it’s 19 times move likely a listing under $1 million is a foreclosure or a short sale vs. the seven-figure-plus listing.
• Highest share of distressed listings in an Orange County city? Rancho Santa Margarita with 62.2% of its listings being distressed properties. Anaheim was second.
• Lowest share? Corona Del Mar with 3.8% of its listings. Seal Beach was second.
• 48% of the distressed listings were attached homes.
• 52% 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 expected market time for foreclosures is remains incredibly HOT at 1.69 months. There are currently only 689 foreclosures within the active listing inventory, an increase of 20 homes in the past two weeks. There are currently 3,155 short sales on the active market, increasing by 16 homes in the past two weeks. The expected market time is 2.78 months for short sales, also a seller’s market. The expected market time for foreclosures is remains incredibly HOT at 1.69 months. There are currently only 689 foreclosures within the active listing inventory, an increase of 20 homes in the past two weeks. There are currently 3,155 short sales on the active market, increasing by 16 homes in the past two weeks. The expected market time is 2.78 months for short sales, also a seller’s market.

See this post in its original form, and read more on Mortgage Insider.