Weekly Central Coastal OC Short Sale Update - May 24, 2011

Here’s a look at the inventory in Costa Mesa, Newport Beach, Huntington Beach, Laguna Beach and Irvine. Click here for more information about foreclosures and short sales.Below is a look at the number of homes identified in the MLS as being ‘short sale offer submitted’ or ’short sale/subject to lender approval.’ These homes are currently either active listings, accepting backup offers or pending sales.Costa Mesa:157 total homes listed as in the above categoriesHuntington Beach:299 total homes listed as in the above categories (Interestingly the OC Register reported that some of the homes that are getting the most views online are the short sales and foreclosure listings in Huntington Beach.)Newport Beach:122 total homes listed as in the above categoriesLaguna Beach:65 total homes listed as in the above categories (The OC Register recently reported that the inventory of short sales and foreclosures has played a role in slowing down the pace of selling homes in Laguna Beach.)Irvine:410 homes listed as in the above categories (According to the OC Register, 25% of all Irvine listings are distressed, which means that they are in the foreclosure process or short sale process.)Please note that these numbers only reflect what is reported in the SoCal Multiple Listing Service. We will continue to follow the numbers and share the changes in the local Orange County real estate market. Please comment or contact us if you’d like additional information.