Costa Mesa Foreclosure Update Dec 2011

Costa Mesa appears on the upswing by one set of statistics.

There is a current report on ReportsOnHousing.com that provides details about local housing, some of which I am sharing below.

• The Costa Mesa community has a “market time” (months in would take to sell all inventory at current pace of new escrows) of 2.78 months vs. 2.89 months found two weeks earlier vs. countywide, the latest market time was 3.44 months vs. 4.42 months a year ago.
• So, homes in Costa Mesa real estate sell in theory — in almost 20% less time than the countywide pace.
• Of the homes listed in Costa Mesa real estate for sale, about 43% of them are distressed properties (short sales or REO)

• Cities with highest level of distressed properties among their listings? Portola Hills was tops — 73.3% — followed by Rancho Santa Margarita at 68.8% of listings and Ladera Ranch at 64.9% of listings.
• Fewest? Seal Beach was tops — 4.5% — followed by Corona Del Mar at 5.0% of listings and Laguna Woods at 8.8% of listings.

So we are doing quite fine. It will still be some time before all the foreclosure mess goes through town, that is for sure.

Happy to see that info for Costa Mesa, especially over the holidays!

What does that mean for those thinking of selling, or buying?

If you are considering listing your home, and you have equity in your home, the beginning of the new year should be very promising. There are not enough traditional sales right now, in fact the Mesa Verde market is down to only 22 homes on the market as of this writing! Our inventory right now is very low, typical for this time of year in Costa Mesa real estate.

If you are considering a Costa Mesa short sale, it is looking more promising to have success in that area as well. As long as you have some type of hardship (financial, divorce, circumstances), the banks have become more likely to approve short sales in our local Costa Mesa market.

Need help, or have a question? Call Colin at (714) 743-9882 or E-mail me me here.