Real Estate Statistics Are Your Friend

Real estate statistics are a valuable tool infact they are your friend in that they can help predict where the market is going and accurately tell us where it has been. Assuming that the data is accurate. Two weeks ago I reported that 13 percent of the homes sold in Orange County were foreclosure sales. This week I will tell you that 7.69 percent of the homes in Orange County are 90 days or more late.

If you do not look closely you may believe that things are getting better. That would not be a good conclusion. Because there are significantly more homes that are owned than are sold in a given month. Therefore, the percentage 13 percent is larger than 7.69 percent the later is a much larger number and potentially more dangerous to the market.

The way to look at this is to look at apples to apples. May 2010 we have 7.69 percent of the homes that are 90 or more days late, while last year May 2009 6.05 percent of the home in Orange County were in delinquency. So we are not getting better but getting worse. In California this year 10.63 percent are 90 days or more late, while last year that were at 8.79 percent delinquent. Again getting worse not better.

Yet, if we look at the percentage for the foreclosure rate in Orange County we have 2.23 percent and last year it was 2.28 percent. That is not as bad as it was gettin better.

Could it be that the banks are not foreclosing as fast or doing more short sales or loan modifications? I would think that would work into the reality of the market. Overall there is little change in the market the homeowner is still in trouble and the help has not come in any meaningful way.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

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Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!