Usually getting first place is a good thing. Sorry, Santa Ana, but not here… it’s a bad thing. According to a posting by Jon Lasner on the OC Register site, Santa Ana rates number one in distressed properties:
“Market watcher Steve Thomas at Re/Max Real Estate Services in Aliso Viejo has a new stat out: foreclosures and short sales listed for sale — what I’m calling distressed properties — as a share of total for-sale inventory by major O.C. communities. Short sales are where the bank agrees with a troubled borrower to take less than the loan amount due at sale.
The report (derived from MLS listings) shows that as of last Thursday, Santa Ana’s home inventory had the highest share of distressed properties in O.C. at 32.8%, just ahead of Anaheim at 32.6%. “
Tustin and Orange didn’t fair too well, either, with a place of 15th and 19th, respectively. I think part of the problem (aside from the sub-prime lending issues) is that once you have one foreclosure or short-sale or just a plain old sale at a rock bottom price, it messes up all the comp’s in the area. One low price sets the new standard that everyone has to come down to. No wonder owners are getting turned upside down in equity and suffering from foreclosures and short sales.
| Community | Distressed | % of Inventory |
|---|---|---|
| Santa Ana | 539 | 32.8% |
| Anaheim | 423 | 32.6% |
| Rancho Santa Marg. | 108 | 31.3% |
| Lake Forest | 131 | 29.8% |
| Laguna Hills | 60 | 25.4% |
| Foothill Ranch | 22 | 23.2% |
| Garden Grove | 177 | 23.0% |
| Aliso Viejo | 100 | 22.6% |
| San Juan | 66 | 21.7% |
| Buena Park | 74 | 21.1% |
| Mission Viejo | 113 | 19.4% |
| Ladera Ranch | 65 | 19.2% |
| Talega | 33 | 18.3% |
| Westminster | 50 | 18.0% |
| Tustin | 104 | 17.7% |
| Laguna Niguel | 90 | 17.1% |
| Portola Hills | 9 | 17.0% |
| Costa Mesa | 79 | 16.7% |
| Orange | 120 | 16.0% |
…See the full listing at the OC Register.
Over at the South OC Real Estate Tracker, they’re talking about Lasner’s post, too. As most of would think, they’re blaming the subprime lending. However, interesting comments on Rancho Santa Margarita and some condo debacles.
United States
Canada