The overall Lake Forest home market — older parts of the city, Foothill Ranch and Portola Hills — had 251 residences listed for sale as of Nov 10 with 108 new deals opening in the past 30 days.

That means, by one theory, it would take 2.32 months to sell all inventory at current pace of new escrows in the Newport region vs. 3.27 months countywide.

That’s the buzz from the biweekly housing market report from Steve Thomas of ReportsOnHousing.com.

The Lake Forest communities combined had 152 residences listed that were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 61% of supply of homes for sale vs. 36.6% countywide.

 

 

By neighborhoods:

LAKE FOREST

• 172 residences listed in brokers’ MLS system with 72 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 2.39 months vs. 2.62 months found two weeks earlier vs. 3.15 months seen a year earlier. Countywide, latest market time was 3.27 months vs. 4.18 months a year ago.
• Of the homes listed for sale in this community, 104 were either foreclosures or short sales. So distressed properties were 60.5% of supply of homes for sale vs. 36.6% 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 2.5% of all Orange County’s new pending sales.

FOOTHILL RANCH

• 59 residences listed and 29 new deals opening in the past 30 days.
• By Thomas’s math, this community has a “market time”of 2.03 months vs. 1.91 months found two weeks earlier vs. 2.43 months seen a year earlier. Countywide, latest market time was 3.27 months vs. 4.18 months a year ago.
• Of the homes listed for sale in this community, 33 were either foreclosures or short sales. So distressed properties were 55.9% of supply of homes for sale vs. 36.6% countywide.
• Homes for sale in Foothill Ranch represent 0.6% of Orange County inventory — and 0.9% of all the distressed homes listed for sale in Orange County. New escrows here are 1.0% of all pending sales.

PORTOLA HILLS

• 20 residences listed and 7 new deals opening in the past 30 days.
• By Thomas’s math, this community has a “market time”of 2.86 months vs. 2.57 months found two weeks earlier vs. 1.91 months seen a year earlier. Countywide, latest market time was 3.27 months vs. 4.18 months a year ago.
• Of the homes listed for sale in this community, 15 were either foreclosures or short sales. So distressed properties were 75.0% of supply of homes for sale vs. 36.6% countywide.
• Homes for sale in Portola Hills represent 0.2% of Orange County inventory — and 0.4% of all the distressed homes listed for sale in Orange County. New escrows here are 0.2% of all pending sales.

Compare these trends to countywide patterns:

• Cities with highest level of distressed properties among their listings? Portola Hills was tops — 75.0% — followed by Rancho Santa Marg. at 68.9% of listings and Ladera Ranch at 66.7% of listings.
• Fewest? Corona Del Mar was tops — 3.8% — followed by Seal Beach at 5.2% of listings and Laguna Woods at 7.6% of listings.

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