Wednesday, January 27, 2010

Short Listings Dominating the Orange County Home For Sale Market

35% of the 7,680 Orange County homes now listed for sale are "short listings", where owners have no equity, owe more on loan than value of the property, are trying to sell the property and get lenders to agree to reduce amount of debt to be paid, and avoid foreclosure.
Lenders have been very challenging for Realtors and agents to deal with in short listings, especially because they (lenders) don't like walking away from debt owed to them, which had been at one time a performing asset.
Some lenders for Orange County homes are recently cooperating more and allowing short sales.  Lenders have a big backlog of delinquent loans, need to satisfy the capital markets and Wall Street that they can unload the bad loans, get new capital, and move on to the business of lending money.

Posted via email from Explore OC Homes


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