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…
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…
Anonymous said:
Should have probably mentioned the moratoriums.
February 26, 2009 12:04 AM
anonymous said:
Good information… but please… it’s “Bernardino.”
March 1, 2009 3:25 PM
Glenn Kelman said:
Good bust guys; regarding San Bernardino, we won’t make that same mistake again!
March 1, 2009 3:52 PM
REOs: What You Need to Know to Get a Great Deal | Redfin Corporate Blog said:
[...] Estate Owned,” REOs are bank-owned properties (also known as foreclosures). Already this year, 39% of Redfin’s offers in Southern California have been on these homes, while the entire East Bay market’s REO sales are [...]
March 9, 2009 7:18 PM
Orange County REO said:
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.
April 13, 2009 1:19 PM