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

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.