Local Stats- Foreclosure is Driving the Market

With all these talks about foreclosed properties, we, your agents, do not see enough of them as was reported. This another of observation as I had experienced this in the 90s, I hope that the banks/investors who are holding these papers will have the courage to put them out in the market as they come. There are buyers waiting for these properties, and probably beyond my understanding is the REASON why these properties are released in trickles:

AUGUST 2008 CLOSED SALES NUMBERS FOR SFR's AND CONDOS

ORANGE COUNTY:

1,848 SFR closed sales transactions
$500k median sales price
30% price decline from AUGUST 2007
731 CONDO closed sales transactions
$310k median sales price
31% price decline from AUGUST 2007

LOS ANGELES COUNTY

4,311 SFR closed sales transactions
$385k median sales price
36% price decline from AUGUST 2007
1302 CONDO closed sales transactions
$356k median sales price
17% price decline from AUGUST 2007

RIVERSIDE COUNTY

3,247 SFR closed sales transactions
$235k median sales price
41% price decline from AUGUST 2007
277 CONDO closed sales transactions
$215k median sales price
28% price decline from AUGUST 2007