With all the talk about foreclosures, Redfin stats man Mose Andre took the time to measure what percentage of single-family homes for sale in Southern California were being sold by banks (REO listings). As you would expect, foreclosures were higher the further you move away from the major cities:
- Ventura County: 11.6%
- Los Angeles County: 16.3%
- Orange County: 11.9%
- San Diego County: 12.9%
- North Riverside County: 27.4%
- South Riverside County: 24.6%
- San Bernadino County: 47.3%
We also graphed the incidence of bank-owned listings as a trend over time, shown below (click to enlarge), and charted how the price-per-square-foot of listings that weren’t being sold by banks actually increased, which we attribute to a growing chasm between low-quality REO listings and high-quality non-REO listings. The price-per-square-foot calculations exclueded homes that had no listed square footage…
In Ventura County, REO listings have actually declined…
In LA, REO listings have continued to increase…
And the same has been true in Orange County, except for a sharp drop in February.
San Diego has, like Ventura County, seen a decline in the relative incidence of REO listings.
And so has Riverside County, in the north…
And especially in the south…
San Bernadino though is still a disaster zone…
Pingback: REOs: What You Need to Know to Get a Great Deal | Redfin Corporate Blog