What Percentage of the Market is REO? (12% – 16% on the Coast)

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…

ventura-county-REO

In LA, REO listings have continued to increase…

la-REO

And the same has been true in Orange County, except for a sharp drop in February.

orange-county-REO.jpg

San Diego has, like Ventura County, seen a decline in the relative incidence of REO listings.

san-diego-REO

And so has Riverside County, in the north…

north-riverside-REO

And especially in the south…

south-riverside-REO

San Bernadino though is still a disaster zone…

san-bernadino-REO

  • Anonymous

    Should have probably mentioned the moratoriums.

  • anonymous

    Good information… but please… it’s “Bernardino.”

  • http://blog.redfin.com Glenn Kelman

    Good bust guys; regarding San Bernardino, we won’t make that same mistake again!

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  • Orange County REO

    Orange County is likely to get hit the most in the next 2 years as best always comes down last. Coto De Caza the most over valued Real Estate. Sqft Can drop to around $175-150 in a year. Economic turn down will hurt large sqft homes the most.