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New OC Real Estate Numbers: Reason for Hope? Or Cause for Despair?

Take a look at the new OC housing data out this morning. There’s some reason for cheer. Home sales are at a 6-month high.

But wait, maybe there isn’t much good news there. After all, it looks like over 30% of OC homes for sale are distressed properties (meaning foreclosed). Yikes!

Home market watcher Steve Thomas at Re/Max Real Estate Services in Aliso Viejo reports that the number of O.C. distressed properties for sale (homes listed by agents as foreclosures or short sales) was 4,859 last week, up 422 vs. two weeks earlier or a +9.5% change. As a percent of all listed homes for sale, distressed properties were 31.6% of the market last week vs. 29.1% two weeks earlier. Since Dec. 27, the number of distressed homes on the market has grown 1,108 while the “non-distressed” supply is 1,231 lower.

So what’s going on? Should we feel relieved that home sales are picking up? Or should we freak out over the fact that nearly one-third of these homes for sale are foreclosures? What are you thinking about real estate this morning?

Are we in for continued hard economic time with all these foreclosures? Or is there reason for hope? What are you seeing in your neighborhood? Are the houses for sale finally being bought? Are you seeing more foreclosures on your street?

Think about it.