‘Foreclosure frequency in O.C. looks pretty good vs. the rest of the state, where 40% of second-quarter sales had previously been through a foreclosure (And it was 73.3% in Merced!)’, according to Jonathon Lansneron his Orange County Real Estate Blog. He also stated that Orange County didn’t look too bad by comparison. 25.1% of OC sales ‘were residences that had been involved in a foreclosure in the previous 12 months’.
Unfortunately, the numbers are likely to get worse before they get better. The nice pick up in the market that we saw in May and June(characteristic of some summer buying activity) had some wondering if the bottom was in sight. But July’s Indymac crisis brought showing activity to a near stand still. New escrows have dropped dramatically and we may have seen the summer buying activity come to an early end.
The road is likely going to continue to be rocky for sellers in the coming months. With the election fast approaching, past election years have shown us that buyers like to take a wait-and-see approach to the real estate market.
Aren’t I just full of good news on this Monday morning!
