Hard landing in Orange County: The Economic Downturd Continues

[substitute]

Distressed properties are a huge part of the real estate game. As a percent of all listed homes for sale, distressed properties were 40.1% of the market last week vs. 39.6% two weeks earlier.

Note the scary number in that table for the < $500K houses.

Comments

[scythrop.livejournal.com]

Distressed. Gotta love those Realtor^TM euphemisms.

I know the bursting of the housing bubble has economic consequences across the board, but I find it hard to muster up too much sympathy for people who bet the farm on the sustainability of double-digit per annum appreciation on SoCal McMansions. Of course it hits hardest at the bottom at first (oh! for a < $500K house in my shire!), but I imagine those prices will also stabilize sooner, once people stop buying zillion dollar energy-sinks at all. (It's already happening here, I think.)

[substitute.livejournal.com]

More than a few of these people were victims of straight-out commercial fraud. But the speculating "flippers" are just getting what they gave.

[scythrop.livejournal.com]

There was definitely some advantage-of being taken, you are right. Countrywide/casino. Tomayto/tomahtoe.

Realtor™

[torgo-x.livejournal.com]

"MOTHERFUCKER I WILL CALL YOU 'REALTOR™' WHEN YOU CAN SHOW ME HOW TO REALT.  WHAT?  YES, I'LL HOLD."

[hotelsamurai.livejournal.com]

Help me, Ed McMahon...

[burntcurtis.livejournal.com]

Lawnchairs are everywhere!

[mcfnord.livejournal.com]

oh that means distressed sellers, not distressed properties?

I'm no expert

[mr-flippant.livejournal.com]

Well, maybe not. I don't think it is uncommon for folks to strip everything from lighting and plumbing fixtures to copper pipes from their house during the course of a foreclosure.

I think banks may even offer payment in some cases as an incentive to keep the home clean/intact.

Re: I'm no expert

[substitute.livejournal.com]

It means distressed loans, usually foreclosures.

Re: I'm no expert

[mr-flippant.livejournal.com]

Right...my only point was that the distressed loan/foreclosure could be the factor that motivates someone to pillage their home, leading to a physically distressed property.