Are things looking up? Is the Orange County Real Estate market truly back on track?
Well, according to an article called “Foreclosure starts dip, home seizures rise,” posted by Reporter Mathew Padilla of the Orange County Register who writes a column called Mortgage Insider they might be.
He cites a ForeclosureRadar.com report for Orange County in April:
- Notices of default totaled 2,002, down 21 percent from a year ago, and 23 percent from March.
- Banks foreclosed on 573 houses and condos, down 49 percent from a year ago but up 52 percent from March.
Well, if these numbers are accurate, things might be turning the corner, I said might.
However, being somewhat of a pessimist, I must say that I am still noticing a large number of homes for sale that have been sitting empty. I’m also seeing short sales and foreclosure signs blaring from many homes. In my own tract, there are six for sale and they have been on the market since December. On the other hand, just yesterday, I noticed a “sold” sign a few doors down from me that had only be on the market for a few weeks.
Several real estate friends that I speak to regularly are insistent that things are indeed turning around. I’m not sure if that is wishful thinking or just the ego of a typical real estate person who doesn’t want to really admit that the market is still tough.
I have another acquaintance that used to work for a real estate company in South County and who was sent packing because of the economy. He says he is reluctantly now working for a solar energy company and isn’t making nearly the amount of money he did when he was a Realtor.
So, who do we believe the stats or the real estate people? What do you think?
Debbie L. Sklar, SHORTsense.com