Where are distressed homes 100% of listings?

Posted on by Listify Me

All 13 of Portola Hills listed homes for sale as of March 1 were distressed properties, according to ReportsOnHousing.com.

The biweekly housing market report from Steve Thomas’ ReportsOnHousing.com also found 16 new Portola Hills deals opening escrow in the past 30 days. By Thomas’s math, Portola has a “market time” of 0.81 months vs. 0.57 months found two weeks earlier vs. 2.58 months seen a year earlier. Countywide, latest market time was 2.02 months vs. 3.90 months a year ago.



All 13 of Portola Hills’ 13 listings were either foreclosures or short sales. So distressed properties were 100% of supply of homes for sale — highest in Orange County and mor ethan triple the 30.4% average found countywide. Stanton was second at 63.6% of listings; and Rancho Santa Margarita was next at 58.3%

Overall, ReportsOnHosuing found that homes in Lake Forest sell faster than the countywide pace while its listings have a higher share of distressed properties than the rest of Orange County.

The overall Lake Forest home market — older parts of the city plus Foothill Ranch and Portola Hills — had 156 residences listed for sale as of March 1 with 123 new deals opening in the past 30 days. That means, by one theory, it would take 1.27 months to sell all inventory at current pace of new escrows in the Newport region vs. 2.02 months countywide.

Lake Forest communities combined had 89 residences listed that were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 57% of supply of homes for sale vs. 30.4% countywide.

By neighborhoods:

‘OLD’ LAKE FOREST

  • 110 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 1.36 months vs. 1.58 months found two weeks earlier vs. 3.23 months seen a year earlier. Countywide, latest market time was 2.02 months vs. 3.90 months a year ago.
  • Of the homes listed for sale in this community, 60 were either foreclosures or short sales. So distressed properties were 54.5% of supply of homes for sale vs. 30.4% countywide.

FOOTHILL RANCH

  • 33 residences listed and 26 new deals opening in the past 30 days.
  • By Thomas’s math, this community has a “market time”of 1.27 months vs. 1.19 months found two weeks earlier vs. 2.40 months seen a year earlier. Countywide, latest market time was 2.02 months vs. 3.90 months a year ago.
  • Of the homes listed for sale in this community, 16 were either foreclosures or short sales. So distressed properties were 48.5% of supply of homes for sale vs. 30.4% countywide.