Short Ratio

Orange County Short Sale Realtor Market Report

The real estate market here in Orange County California has undergone a large correction that began in earnest in the summer of 2006′.  Reports have shown that 1 in 5 homeowners own more than there home is worth, and many of those homeowners are having trouble with the Mortgage payments due to the recession.  In decades gone by, mortgage banks would file a Notice of Default once a homeowner became delinquent on their mortgage by 2 to 3 months, and then follow through and Foreclosrue on the home and take ownership to the property as a Bank owned REO. 

Times have changed due to political pressures and changing mores. Today, a Bank would much rather entertain and grant a Short Sale, then have to Foreclose on a property owner who may be under financial strain.  It is the proverbial win-win resolution for studies have shown that Banks loose less money in a Short Sale compared to Foreclosure, and Short Sales provide property owners some major benefits compared to Foreclosure.

Simply put, a Short Sale is a real estate transaction in which the fair market value sales price of the home is less than the current outstanding mortgage debts plus cost of sales.  A professional Realtor usually has to negotiates such Short sale terms with the mortgage bank(s) in order to be successful.

In Orange County California, as of March 1st of 2010, there are 5,239 detached homes active for sale, and 1,228 short sale properties active for sale. That is a ratio of 23.4% of active Short Sales to Total listings. There are a Total of 3,117 attached condos listed for sale, and 1,149 of these active listings are short sales. This represents a ratio of Short Sales to Total condo listings of 36.9% .

Currently there are a grand total of 3,699 detached homes under contract in Escrow in Orange County. Of this total, 2,124 are short sales, which represents a ratio of 57.4% for Orange County.  In addition, there is now a Total of 3,077 condominiums currently pending in Escrow, and 2,058 short sales in escrow, for a ratio of short sales to the grand Total of 66.9% .

In Orange County in the past 90 days, there have been a total of 3,450 detached homes that have Sold and closed escrow. Of this amount, 750 were Short Sales sold, which yields a ratio of Short Sales to the Total of 21.7%.  For attached condos that have sold in the past 3 months, there have been 2,332 units that have closed. Of this Total, 741 were closed Short Sale condos, which represents 31.8% of the total.

There are some interesting observations to make, First, notice the large increase in the Ratio of Short Sales to Total when you compare Active for Sale to Pending in Escrow. This is due to the fact that most Short Sales are bargain priced and many home buyers today are seeking value. But the next observation is even more interesting. Notice how the ratio of Short Sales to Total decreases substantially when comparing Pending in Escrow to Sold in the past 90 days. This shows the high failure rate of Short Sale transactions. To be exact, in the past 90 days, approximately 62% of detached Short Sale Transactions failed, and 52% Short Sale condo transactions failed to close.

The reason for this high failure is unfortunatley many agents do not have the training or experience to close this complex transactions at a high rate of success. The Short Sales ASAP group are Orange County Short Sale experts and have a closing success rate of over 95%. For more information or questions about Short Sales, feel free to email us at: Info@ShortSalesASAP.com

 

 

 

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Phinomenal Phi – the Golden Ratio, a short film by Jane Weavis

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