Market Update

The following information reflects real estate activity in Orange County, as reported in the SoCal MLS 06/27/2008:
OC sales reported to the MLS in the past week were over 1000 for the 7th consecutive week, compared to 671 for the same week last year. Inventory is at its lowest level since the end of February. Inventory typically rises through spring and summer, then peaks in late summer and early fall. This year, inventory has remained relatively stable, to this point of the year inventory peaked in mid-March and has declined slowly since then. Current inventory is actually less than it was the last week of December of last year. Compare that to 2007 when the inventory increased by 6000 homes from December of 2006 to the end of August 2007.
Current Market hotspots: Short sales and REO sales currently account for nearly 50% (49.68%) of the pending sales and about 37% of the current listings.