The overall Lake Forest home market — older parts of the city, Foothill Ranch and Portola Hills — had 290 residences listed for sale as of Sep 1 with 97 new deals opening in the past 30 days.

By one theory, these trends mean it would take 2.99 months to sell all inventory in the city at current pace of new escrows in the Newport region vs. 3.53 months countywide.

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

The Lake Forest communities combined had 149 residences listed that were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 51% of supply of homes for sale vs. 33.8% countywide.

By neighborhoods:

LAKE FOREST

• 195 residences listed in brokers’ MLS system with 65 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 3.00 months vs. 2.70 months found two weeks earlier vs. 2.33 months seen a year earlier. Countywide, latest market time was 3.53 months vs. 4.05 months a year ago.
• Of the homes listed for sale in this community, 108 were either foreclosures or short sales. So distressed properties were 55.4% of supply of homes for sale vs. 33.8% countywide.
• Homes for sale in Lake Forest represent 1.8% of Orange County inventory — and 3.0% of all the distressed homes listed for sale in Orange County. New escrows here are 2.1% of all Orange County’s new pending sales.

FOOTHILL RANCH

• 72 residences listed and 22 new deals opening in the past 30 days.
• By Thomas’s math, this community has a “market time”of 3.27 months vs. 3.23 months found two weeks earlier vs. 2.89 months seen a year earlier. Countywide, latest market time was 3.53 months vs. 4.05 months a year ago.
• Of the homes listed for sale in this community, 30 were either foreclosures or short sales. So distressed properties were 41.7% of supply of homes for sale vs. 33.8% countywide.
• Homes for sale in Foothill Ranch represent 0.7% of Orange County inventory — and 0.8% of all the distressed homes listed for sale in Orange County. New escrows here are 0.7% of all pending sales.

PORTOLA HILLS

• 23 residences listed and 10 new deals opening in the past 30 days.
• By Thomas’s math, this community has a “market time”of 2.30 months vs. 3.14 months found two weeks earlier vs. 2.00 months seen a year earlier. Countywide, latest market time was 3.53 months vs. 4.05 months a year ago.
• Of the homes listed for sale in this community, 11 were either foreclosures or short sales. So distressed properties were 47.8% of supply of homes for sale vs. 33.8% countywide.
• Homes for sale in Portola Hills represent 0.2% of Orange County inventory — and 0.3% of all the distressed homes listed for sale in Orange County. New escrows here are 0.3% of all pending sales.

Compare these trends to countywide patterns:

Cities with highest level of distressed properties among their listings? Anaheim was tops — 61.1% — followed by Buena Park at 58.3% of listings and Rancho Santa Marg. at 57.8% of listings.

Fewest? Corona Del Mar was tops — 3.8% — followed by Seal Beach at 4.5% of listings and Villa Park at 6.7% of listings.

 

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