One in two homes sold in Orange County, Calif., which boasts 42 miles of breathtaking beach-side real estate, in July 2011 were of the distressed variety, according to a report from NBC Los Angeles.
Foreclosures, short sales and bank-owned properties, which account for about 33 percent of the total listings currently for sale on Southern California hot spot’s market, were a major focus of buyers/investors in the area. And more than a 100 of the listed properties were for sale for more than $1 million, which is about 3 percent of all distressed listings.
Who are the new faces moving into town? First-time homebuyers, mainly, according to Steven Thomas, a local broker who tracks home sales in the area:
“We’re getting through all the backlog of all the people that are upside down, that are having problems, that have lost their jobs. We’re going to be getting through this…. The strongest part of the market is the first-time homebuyer. Those about 35-years-old.”
Thomas also revealed that it takes twice as long to sell a home if it is not distressed, about six months, because of the equity situations. It’s no secret that most smart buyers are more likely to find ways to get the most house for the least amount of money. And are interested in moving swiftly, which is ideal for banks, lenders and other mortgage not holders that want to balance their books.
To search foreclosures, short sales and other distressed properties in Orange County and anywhere else in the United States click here.
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