Latest foreclosure stats for Orange County

Recent Foreclosure Stats*

• Approximately 166 (down from 182) active foreclosures/bank repos on the market

• Approximately 342 (down from 387) in escrow

• Recent closed sales have averaged 101.99% of asking price

• Sales averaged approximately $263.81 per square foot

• Average days on market of 40 days

Would you like the latest information for a particular area or city?

Recent Short Sale Stats*

• Approximately 1200 active short sales on the market

• Approximately 1799 in escrow (keep in mind that many of the active short sales have multiple offers submitted with the bank but the seller/agent have decided to keep the status as active)

• Recent closed sales have averaged 98.43% of asking price and 91.74% of the original asking price (before price reduction(s))

• Sales averaged approximately $274.71 per square foot

• Average days on market of 132 days (this amount has been decreasing month to month as banks improve efficiency)

If you are interested in purchasing a foreclosure or distressed home, you will be interested to know about our FREE foreclosure/distressed home finder program.

Please give us a call if you have any questions or if we can get you started on a home search.

The Aaronson Group   949-388-5194   info@realestatehelpline.com

*Information taken from the Socal MLS

Aliso Viejo, Costa Mesa, Cota De Caza, Dana Point, Hungtingon Beach, Irvine, Laguna Beach, Laguna Hills, Laguna Niguel, Lake Forest, Mission Viejo, Newport Beach, Newport Coast, Orange, Rancho Santa Margarita, San Clemente, San Juan Capistrano, Tustin, Foothill Ranch, Ladera Ranch, Fountain Valley & Corona Del Mar

Latest foreclosure stats for Orange County

Recent Foreclosure Stats*

• Approximately 354 (down from 418) active foreclosures/bank repos on the market

• Approximately 469 (up from 460) in escrow

• Recent closed sales have averaged 98.92% of asking price

• Sales averaged approximately $260 per square foot

• Average days on market of 46 days

Would you like the latest information for a particular area or city?

Recent Short Sale Stats*

• Approximately 1829 active short sales on the market

• Approximately 969 in escrow (keep in mind that many of the active short sales have multiple offers submitted with the bank but the seller/agent have decided to keep the status as active)

• Recent closed sales have averaged 98.11% of asking price and 89.81% of the original asking price (before price reduction(s))

• Sales averaged approximately $273 per square foot

• Average days on market of 123 days (this amount has been decreasing month to month as banks improve efficiency)

If you are interested in purchasing a foreclosure or distressed home, you will be interested to know about our FREE foreclosure/distressed home finder program.

Please give us a call if you have any questions or if we can get you started on a home search.

The Aaronson Group   949-388-5194   info@realestatehelpline.com

*Information taken from the Socal MLS

Aliso Viejo, Costa Mesa, Cota De Caza, Dana Point, Hungtingon Beach, Irvine, Laguna Beach, Laguna Hills, Laguna Niguel, Lake Forest, Mission Viejo, Newport Beach, Newport Coast, Orange, Rancho Santa Margarita, San Clemente, San Juan Capistrano, Tustin, Foothill Ranch, Ladera Ranch, Fountain Valley & Corona Del Mar

Short sales have become very popular in Orange County since the Real Estate bubble burst a few years back.  Short sales have mostly arised from risky, highly leveraged loans in which the home buyer purchased the home with little or no money down, with an interest-only or worse yet, negative amortization loan in which the loan balance gets higher every month. 

What is a short sale?

A short sale occurs when the proceeds from the sale of the home falls short of the balance owed on a loan.  The bank agrees to discount the loan balance due to a financial hardship with the seller.  In today’s market, quite often the seller sets the price below market to offset the difficulty and uncertain time frame associated with purchasing a short sale.

No doubt short sales are a hassle in today’s market since many short sales involve not knowing how long the bank will take to make a decision or if they will even accept your offer- quite frustrating!  But, the good news is that some banks are becoming more efficient and shortening up their approval process.  For the patience buyer, short sales can provide outstanding values.

Approved Short Sales are becoming more accessible as the banks go through their inventory-reduction process and review and accept a prospective buyer’s offer only to see that the original buyer has moved on or can’t qualify.  In these cases, the short sale is “approved” and in most instances a new buyer can submit an offer and get a response within a much shorter period of time.  These can be the best short sale properties to make a purchase offer on.

It is important for you to know that we are highly experienced in dealing with banks and in negotiating short sales for our clients.  If you are a home owner that is falling behind on your payments or potentially facing foreclosure, please feel free to contact us with any questions or concerns that you may have.   If you are a prospective buyer and a short sale or foreclosure home appeals to you, we can find the very best value meeting your specifications and make the home-buying process as smooth as possible for you and your family. 

The Aaronson Group

949-388-5194

info@realestatehelpline.com

Located in the highly sought-after 24 hour guard gated community of Ritz Pointe with scenic walking trails leading to the Ritz Carlton, St Regis Resort and Spa, Monarch Links Golf Course and Salt Creek Beach. This beautiful, meticulously maintained condo features a peek-a-boo ocean view from the large patio, dining room and living room. Highly upgraded with laminate wood flooring, 18 inch tile, paint in today’s colors, an upgraded bath with granite and a custom fireplace. Remodeled, gourmet kitchen is outfitted with granite counter tops, stainless steel appliances, upgraded lighting and a garden window. Separate laundry room with storage plus another large storage closet at front porch. This beach community offers resort-like amenities including a sparkling pool, 3 spas one with breathtaking ocean views, and a clubhouse with gym.  For additional pictures and features for this home, please visit our features properties at www.realestatehelpline.com

If you would like to search the entire MLS, please click the following link MLS Home Search 

The Aaronson Group  949-388-5194

Is it a good time to buy Orange County Real Estate? 

Well, yes and no…….Yes if you have a stable job, plan on living in the home for at least 5 years and have reserves over and above your down payment.  With recent price declines (30%-40% on average) and incredibly low interest rates, 2009 is shaping up to be a great time to buy real estate. 

Of course it’s nearly impossible to “time the market” but there are some very encouraging things going on in our local market which may signal that a bottom is near.  Inventory- a little over a year ago- was in the 18 month range and currently is in the 4-5 month range.  A seller’s market? Not yet, but in the $400k and under price range, homes are selling very quickly and often with multiple offers.  When the short sales and foreclosures abate, we anticipate a shortage of inventory here in Orange County putting upward pressure on home prices.

The fact that both home prices and interest rates have GREATLY declined has given a much needed boost to sales of Orange County homes.  Interest rates are very important in determining real monthly costs of homeownership.  A 1% increase in a typical 30 year mortgage is roughly the equivalent of a 10% increase in home prices.  It has been said that with all the money the Fed is throwing at the economy, inflation is inevitable and the Fed must raise rates to combat inflation.

Who can benefit in this environment?

1st time home buyers:   Depressed home prices, historically low interest rates, tax advantages and new tax credits are just a few reasons why now may be the time to become a homeowner.   Other benefits of  buying vs renting:  Buying vs Renting

Move-up buyers:   Falling home prices are a great opportunity for move-up buyers.  Even though your home sale price may be lower, the smaller loss at sale can be compensated by greater savings at purchase as your new home has declined by a greater amount than your old home.  And when home prices begin to appreciate, your new home will increase by a higher dollar amount.  Find out your home’s value

Investors:   An investor can purchase an investment property here in Orange County with 20% down or less and possibly receive a positive cash flow.  Long-term rental properties with an extremely low fixed interest rate are very attractive and can offer an excellent source of wealth accumulation.

Please let us know if you have any Real Estate needs or questions.  You can always search the MLS from our website or we can set up a custom search for you.

Regards,

Kevin Aaronson

Keywords: Short Sales, Foreclosures, Home Evaluation, MLS Home Search 

Located in the California Summit subdivision across the street from Soka University. This beautiful, meticulously maintained 5 bedroom home features a desirable main floor bedroom & bath. Light & bright open floor plan has been tastefully upgraded with 18 inch tiles with a marble accented entry way, laminate wood floors, designer paint inside & fresh paint outside, & mirrored wardrobes. An expansive kitchen, with A new double dishwasher, center island & breakfast nook, opens up to the family room with custom marble fireplace.

Upstairs, there is a huge bedroom which could function as a bonus room & two additional bedrooms with custom closet organizers & ceiling fans. Spacious master suite features two walk-in closets with built-ins, mirrored wardrobes & a large master bath with dual sinks & separate tub & shower. Convenient inside laundry room & a nice size additional space ideal for a computer area. Private, large yard with lush tropical landscaping, bubbling spa, & 18 inch tile hardscape.

The beach close Aliso Viejo community has many things to offer.  Shopping with the huge Aliso Viejo towncenter, Jack Nicolas golf course and the many parks and tot lots to name a few.  Please contact us for more information.

Recent Foreclosure Stats For Orange County*

• Approximately 418 active foreclosures/bank repos on the market

• Approximately 460 in escrow

• Recent closed sales have averaged 98.88% of asking price

• Sales averaged approximately $262 per square foot

• Average days on market of 42 days

Would you like the latest information for a particular area or city?

Short Sales

No doubt short sales are a hassle in today’s market since many short sales involve not knowing how long the bank will take to make a decision or if they will even accept your offer- quite frustrating!  But, the good news is that some banks are becoming more efficient and shortening up their approval process.  For the patience buyer, short sales can provide outstanding values.

Approved Short Sales are becoming more accessible as the banks go through their inventory-reduction process and review and accept a prospective buyer’s offer only to see that the original buyer has moved on or can’t qualify.  In these cases, the short sale is “approved” and in most instances a new buyer can submit an offer and get a response within a much shorter period of time.  These can be the best short sale properties to make a purchase offer on.

It is important for you to know that we are highly experienced in dealing with banks and in negotiating short sales for our clients.  If a short sale home appeals to you, we can find the very best value meeting your specifications and make the home-buying process as smooth as possible for you and your family.

foreclosure/distressed home search
search the MLS

Regards,

The Aaronson Group

949-388-5194

*Information taken from the Socal Mls

Aliso Viejo, Costa Mesa, Cota De Caza, Dana Point, Hungtingon Beach, Irvine, Laguna Beach, Laguna Hills, Laguna Niguel, Lake Forest, Mission Viejo, Newport Beach, Newport Coast, Orange, Rancho Santa Margarita, San Clemente, San Juan Capistrano, Tustin, Foothill Ranch, Ladera Ranch, Fountain Valley & Corona Del Mar