The inventory of homes dropped again last week (week ending 7/17/2009), following a slight uptick during the 4th of July week. REO listings fell substantially, both in number (to 331 from 376) and in percentage of total listings. REOs now comprise only 3.7% of the total listings in Orange County, down from a peak of nearly 11% at the beginning of the year.
Pending sales returned to the highest level of the year after a two week decline (perhaps because of month end plus the 4th of July holiday). The number of days on the market for properties reported as pending was back down to 67 from 76 the week before.
The percentage of pending sales reported as either Short Sale or REO is currently about 64%. This is compared to a high of almost 72% at the beginning of the year, and about 54% a year ago. The percentage declined all this year until about the 1st of June, and has increased slightly since then, led by an increase in percentage of pending short sales while pending REO sales have declined.
By contrast, the percentage of closed sales reported as either Short Sale or REO in June was a little less than 50%, mostly because the percentage of short sales closing is about half the percentage of the short sales pending.
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