By JEFF COLLINS
March 1, 2010
The listing service reported that 487 of January’s deals were “short sales” — or sales in which the purchase price is less than mortgage balance. That’s nearly 28% of all Orange County resales traded through the MLS.
At the same time, bank-owned foreclosed homes sold that month fell nearly two-thirds from the previous January to 293 transactions — a 62% drop.
In January 2008, nearly 800 bank-owned homes were sold, accounting for half of all homes sold through the MLS. This past January, they made up 16.8%.
The combined total for all types of “distressed sales” accounted 49.3% of all MLS deals this past January, compared to 77% a year earlier. The SoCal MLS reported that distressed sales totaled 862 in January, down 27.6% from the previous January’s total of nearly 1,200.
Here are the SoCal MLS figures for distressed sales for the past 13 months: