Amidst media reports of a worsening housing market, the number of unlisted distressed homes in West Orange County – Los Alamitos, Rossmoor, Leisure World, and Seal Beach – has declined for the last two months. In this exclusive monthly report, OC180NEWS considers local data as of August 14, 2010.
As with all our exclusive West OC real estate reports, we don’t use Zip Codes which combine Rossmoor and Los Alamitos, and we break up Seal Beach into five major components – Leisure World, College Park East and West, Old Town, and everything else, typically referred to as “North of PCH” by realtors.
The total unlisted distressed properties in our 7 West Orange County neighborhoods numbered 74 at mid-June. It declined to 72 for Mid-July, and as of August 14, it stands at 69. Two of the seven areas had no unlisted distressed homes – Leisure World, and College Park West. For CPW, that’s unchanged from mid-July and for Leisure World, there was 1 unit on the distressed list in July.
Of the remaining five neighborhoods, Rossmoor is by far the largest, both in the number of distressed homes and in the number of properties on the market. As of August 14, there were 35 homes on the market in Rossmoor and 25 unlisted distressed homes.
Two months ago, there were 29 distressed unlisted homes in Rossmoor. The unlisted distressed homes currently are 71% of the number of homes on the market. Of the 25 distressed homes, 4 are bank owned, 8 have received formal notices of default, and 13 are scheduled for auction.
Even though the numbers are much smaller, the number of unlisted distressed homes in Los Alamitos is perhaps more significant than in Rossmoor because they represent more than the total number of homes on the market. Los Al is the only one of the seven West OC neighborhoods where there are more unlisted distressed properties than listed homes.
There are 13 properties on the market in Los Al, but a whopping 17 unlisted distressed homes. This means that for every home on the market in Los Al, there is more than one home which is in trouble and not on the market. To the extent distressed properties, either listed or not, represent downward pressure on prices, this large unlisted backlog of distressed homes could work in favor of buyers and against sellers in Los Al.
The number of unlisted distressed homes in Los Al has held steady at 17 for the last three months. Of these, 8 are scheduled for auction, 8 have received default notices, and 1 is bank owned.
Moving south to Seal Beach, College Park East has 9 unlisted distressed homes, up one from a month ago. Of the nine, 6 are scheduled for auction, two are in notice of default, and one is bank owned. There are 16 homes on the market in CPE.
In Old Town, distressed properties increased from 4 to 6, while the number of homes on the market decreased from 27 to 25. There are 6 homes currently in escrow. Of the 6 distressed properties, four homes are scheduled for auction and two have received notices of default.
All of the real estate data in this article was supplied by Glenn Gaspar, REALTOR® with First American Team Realty, Inc. OC180NEWS thanks Glenn for providing the data and his expertise without which this article would not be possible.
Glenn may be reached at:
Glenn Gaspar
First American Team Realty
DRE License #01048604
(714) 612-0995
(562) 427-7765 ext: 144
www.GlennGaspar.com
www.glenngaspar.com/
Return to www.OC180NEWS.com next Monday for our continuing biweekly series on countywide residential real estate supply and demand trends.
