Orange County Distressed Home Sales Are Increasing
Short sales and REOs account for almost half of all home sales in February
Posted on March 30, 2011 by Matt.
Some of the best deals to be found on the San Clemente real estate market are distressed properties, which are mainly classified as short sales or bank-owned homes (REOs or foreclosures). This is true throughout Orange County and the nationwide housing market...with so many previous homeowners having defaulted on their mortgages, distressed properties have been ruling the marketplace over the past few years. According to an article in the Orange County Register, it appears that buyers are starting to snatch up these distressed homes in greater numbers. The article, "Distressed home sales rising," claims that 48% of single family homes sold in February 2011 were distressed properties, which is a 6% increase from last February and a 5% increase from January 2011; in simpler terms, almost one of every two single family homes sold in Orange County were either a short sale or foreclosure. In California, a greater percentage of all single family homes sold in February were distressed properties (56%), which is also an increase from the previous month and year-ago figures.
So what does this mean for the buyer interested in San Clemente real estate? More often than not, the great deal you're looking for will be a distressed home, be it a short sale or foreclosure. These numbers show that more and more buyers are seeing the great deals to be found in the distressed marketplace and are pouncing in higher numbers. If you are looking for a cheap price on a San Clemente home or condo, you would be wise to start thinking about purchasing a distressed property in San Clemente. The great deals are there, and more people are finding them - don't be left behind.
If you would like to learn about current San Clemente real estate listings or the current state of the market, please do not hesitate to contact us.