Roughly 708 foreclosures and 3,370 housing 'short sales' are on the market in Orange County, Calif., accounting for 38% of available homes to purchase, according to figures compiled by Altera Real Estate.
Altera reports that the expected market time for foreclosures is 1.48 months, which means that is how long it would take to sell them all based on the pace of pending sales.
Short sales, in which homes are sold for less than the mortgage amount owed, have an expected market time of 2.85 months. (Both figures indicate a hot market for distressed sales in the area.)
Altera Realtor Steve Thomas predicts that distressed inventory will increase rise slightly in 2011, but, told The Orange County Register recently that, "Buyers can expect a lot of competition and sales prices at or close to their asking prices."
The greatest percentage of distressed homes on the market is in those priced up to $250,000 (58.8%) and $250,000-$500,000 (51%). Of the 606 homes listed at $1 million and up, the $1 million-$1.5 million category has the greatest ratio of foreclosures (12.5%).
