The inventory of distressed homes in Orange County, Calif. - one of the hardest hit real estate markets in California - dropped slightly over the past few weeks. According to a report by Altera Real Estate of Mission Viejo, the inventory of distressed homes (short sales and foreclosures) fell by 401 units over the past month, bringing the total to 5,118, the lowest reading since March of 2008. Distressed homes account for 45.3% of the homes-for-sale inventory, a slight decline over the past few weeks. Altera's findings were first reported by The Orange County Register. Roughly 79% of distressed homes are priced under $500,000.
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