The inventory of homes in foreclosure and short sales that are on the market in Orange County, Calif., has grown by 29% so far this year, according to Altera Real Estate.
In its biweekly report on the Orange County housing market, the company notes, "The active distressed inventory has increased from 2,555 homes at the beginning of the year to 3,307, levels not seen since May of 2009."
In Orange County, one of the hardest real estate markets in Southern California, the distressed homes inventory represents 31% of the current active inventory.
Last year at this time, there were 2,766 distressed homes on the market, 541 fewer than today.
The number of foreclosures within the active listing inventory increased by 19 homes in the past two weeks from 559 to 578.
But the expected market time for foreclosures is 1.73 months, Altera says, which indicates a hot seller's market.
