Almost one out of every two homes sold in Orange County, Calif., during February was either a lender-owned home or a short sale, according to a new report released by the California Association of Realtors.
"Distressed homes accounted for a greater share of all existing single-family homes sold in O.C. last month compared to both January and to February 2010," CAR reported.
The Orange County area was once home to several subprime lending giants, including Ameriquest Mortgage and its wholesale affiliate Argent, New Century Financial, Encore Credit, and Option One. All of these firms are no longer in business.
For the entire state, distressed units accounted for 56% of existing single-family home sales during the month, compared to 54% in January. In February 2010 distressed sales accounted for 55% of transactions.
Lender-owned homes accounted for 33% of the homes sold statewide, and short sales accounted for 23%, CAR said.
