04 Aug 10 Orange County Short Sales Rise Slightly but Southern California Short Sales Rise Dramatically
Once again Southern California short-sales rose significantly. Orange County short-sales had the smallest rise in short-sales and foreclosures, but they still trended upward which is not a good sign for the local housing markets. The number of transactions in which a home sells for less than the owner owes the bank is up 74% in the region this year, mainly due to a doubling of those California short-sales in the Inland Empire, the Southern California Multiple Listing Service reported. During the first five months of 2010, the four-county region had 12,906 short sales, up from 7,405 in the same period of 2009, Southern California MLS figures show.
Short sales have been rising as mortgage lenders become more amenable to approving deals rather than letting homes go through a costly foreclosure. Last year, when lenders were more gracious with loan relief, short-sales were down, but as banks and lenders started extending less loan modification plans in 2010, we saw a significant increase in short-sales.
Here’s how the negative housing stats break down in, Los Angeles, Riverside and San Bernardino and Orange County short sales.
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Overall, bank-owned home sales dropped to 46.1% to 17,233 this year.
