Not surprising….Just printed in Orange County Register:
One out of every four homes sold in Orange County in June went for less than the seller owed on the mortgage, according to the latest figures from the Southern California Multiple Listing Service.
SoCal MLS figures show the monthly tally of “short sales” continued its 18-month climb since lenders began easing rules to help underwater homeowners avoid foreclosure.
Thanks to falling home prices, about 14% to 19% of all O.C. homeowners owe more for their homes than they’re worth. In a short sale, lenders eat the difference between the amount paid and the amount owed.
The latest figures show:
- Sellers and their lenders completed 714 short sales in June, nearly double the number completed in January 2009, when the SoCal MLS began providing numbers on so-called “distressed” home sales.
- June’s short sale total was up 78% from June 2009, when there were 493 short sales.
- Meanwhile, the number of bank-owned homes sold in June rose slightly from the previous month.
- Banks sold 377 repossessed homes in June, compared to 368 in May.
- Still, bank-owned home sales were down 51% from January 2009 and were down 45% from June 2009.
- Bank-owned homes accounted for almost 14% of all homes sold through the MLS in June.
- Overall, distressed sales of all types were down slightly from May (1,091 in June, vs. 1,094 in May).
- Total distressed sales fell 8.4% from January 2009 and 3.3% from June 2009.
- Distressed sales accounted for 42% of all homes sold through the MLS in June.
By JEFF COLLINS
