A lot of folks ask me about the foreclosure market and the inventory of bank-owned homes. I decided to look into the numbers and create a chart showing the market data for both types of homes. I went back 18 months and charted the data for 1) bank-owned homes and 2) homes that are selling “short” and are in the foreclosure process.
Click here to see the data for the past 18 months for all bank-owned residential properties in Orange County.
Click here to see the data for the past 18 months for all Orange County residential properties in the short sale or pre-foreclosure process or have a notice of default.
There has been a dramatic drop in both types of inventory. Buyers have been most eager to take advantage of this type of property listing. Is the drop just because banks are holding off foreclosing? Truly doubtful. Not for this kind of drop. As we get further away from 2007-2008, the fewer homes we will see going into foreclosure and an increasing amount of buyers gobbling up the inventory, especially investors. You can see in both cases, there are more homes in escrow than are available for sale. There are simply not enough of this type of property for sale. Demand is high as first-time buyers and investors see the wisdom in making a purchase right now as rental rates continue to rise.
If you want to see what types of bank-owned homes or short sales may be available, call me today! 949.525.5905