REO and Short Sales

I

irvinerealtor

New member
Per the reported numbers from SoCalMLS:

For the month of January, 2010 -

295 REO sales. 16.9% of total.
487 short sales. 27.9% of total.
1748 total sales.
 
Do you have the figures for Irvine?

of Costa Mesa SFR sales for January, it was:

9/29 REO: 30%
13/29 SS: 45%
7/29 regular, including one FLIP: 25%

(full reporting at that other place)
 
[quote author="FreedomCM"]Do you have the figures for Irvine?

of Costa Mesa SFR sales for January, it was:

9/29 REO: 30%
13/29 SS: 45%
7/29 regular, including one FLIP: 25%

(full reporting at that other place)

[/quote]
Irvine in Jan. 2010:

10 out of 94 (10.6%) = REOs
27 out of 94 (28.7%) = Short Sales
57 out of 94 (60.7%) = Standard Sales
 
Those are closed transactions. Are these numbers ever compared with current inventory (1,000 homes for sale, 50% SS list, 10% REO list)? Wondering if there is a correlation between closed transactions and available inventory - the difference should be seller cancelled deals which to me indicates pricing that was unsustainable. Don't know if there is a metric for percentages of homes on the active market and how they are listed for sale as either distressed or standard.
 
Thanks SC! Irvine really *is* different!

SGIP-I don't have real numbers, but my impression is that ~50% of the listings in CM are standard sales, mostly overpriced, while REO and shorts make up the other half. And even though shorts take longer to close, they make up for it versus standard sales, for being priced correctly.

I'm not sure how you would quantify that, but maybe IR2 or SC has an idea?
 
For those of you keeping score at home,
Per the reported numbers from SoCalMLS:

For the month of February, 2010 -

Orange County totals:
short sales - 472 = 26.1%
reo - 348 = 19.2%
total sales - 1809

Irvine totals:
short sales - 35 = 24.0%
reo - 13 = 8.9%
total sales - 146

For the month of March, 2010 -

Orange County totals:
short sales - 635 = 25.7%
reo - 359 = 14.5%
total sales - 2469

Irvine totals:
short sales - 47 = 22.0%
reo - 11 = 5.1%
total sales - 214

Happy hunting,
-IrvineRealtor
 
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