Got a little extra kick in your step these days? Feel like you’ve lost a little weight? Maybe you hit your summer weight loss goal, or maybe you just have a lot less change to tote around in those pockets of yours! In a totally unsurprising article from the OC Register, we find out that about half of the homes that sold in the OC are now *gasp* selling for less than was paid for them.
You can all pick yourselves off the floor now.
In all seriousness, this news wasn’t totally unexpected or surprising in the least, but does reinforce the fact that this mess is not quite over yet. Other totally totally predictable findings from the article.
- In all, nearly half of Orange County homes sold this past spring went for less than their previous sale price. Among those homes, the median price drop was 27 percent.
- Price drops occurred in 82 of the county’s 83 ZIP codes
- Almost 93 percent of homes bought in 2005 sold for less, with a median price decline of almost 26 percent.
- Almost 97 percent of homes bought in 2006 sold for less, with a median price drop of 33 percent.
The one surprising finding was just how far prices have fallen. The article explained, “Sixty-nine percent of the Orange County homes bought in 2002 or later sold for less in the mid-April to mid-June period.” This indicates that prices have scaled back to near 2002 prices.
And while our pants might feel a little looser, the LA Times blog is reporting that the market has the opposite problem and is “bloated”. Foreclosures continue to soar, but just how bad is it? They report:
In its monthly report on foreclosures, RealtyTrac said total foreclosure filings — including notices of default and bank repossesions — rose 8% from June to July, and 55% over the last year, to a total of 272,171 filings. California accounted for 26% of those filings, with 72,285 foreclosure filings in July, a 5% increase over June levels, and an 85% increase over July 2007 levels.