There were 2,180 active short sales on the market last week in Orange County, Calif., a 1% increase from two weeks earlier, according to figures compiled by Altera Real Estate of Aliso Viego. The company noted that there were 7,000 short sales that are "either active listings on the market, pending sales, or are currently on 'Hold' in Orange County." ARE's numbers were first reported by The Orange County Register. The county was once home to several subprime lenders, including Ameriquest Mortgage and New Century Financial. In a short sale, a consumer sells a home for less than the outstanding mortgage on the property. But the mortgage owners must approve the sale. According to the OCR, not all short sales listed actually get approved.
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