-Robert Larsen March 10, 2010
It is clear that this is the year of the short sale for the lower priced homes.
This short sale in San Juan Capistrano is $350,000 with 4 bedrooms and 2 baths.
More short sales hit the market every day, and many of them look like good deals.
But, there’s nothing short about a short sale. In fact, they are now complicating the real estate market in Orange County.
In his latest report, Altera Real Estate’s Steven Thomas said the following about short sales:
“There are 6,867 total pending sales in all of Orange County. Of those, 4,254 are short sales, 62%. Yet, only 27% of all closed residential resales in February were short sales. Most short sales are simply not closing. They are waiting on lender, or in many cases lenders, approval of the sale. Of the 4,254 pending short sales, only 757 have been pending for less than a month. 1,488 have been pending for over three months. The data does not even capture the short sales where a frustrated buyer walks away after waiting too long.”
How do things look in our neck of the woods?
Of the 122 homes to hit the market in Dana Point, San Clemente and San Juan Capistrano in the last two weeks, 24% of those homes for sale are short sales.
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