Distressed homes slippery in south coast

By:  Kelli Hart, The Orange County Register

The percentage of distressed properties for sale in Dana Point, Laguna Beach and San Clemente is on a slippery slope.

All three cities previously saw a continued accrual of short sales and foreclosures to their active inventory in weeks prior to this report. As one city gains more distressed homes, two cities actually see their percentage of short sales and foreclosures decrease slightly.

CityListedDistressed%
Dana Point 232 54 23.3
Laguna Beach 300 30 10
San Clemente 325 100 30.8

Two weeks ago, Dana Point’s percentage of short sales and foreclosures was 24.2%, which has dropped slightly to 23.3%.

San Clemente also saw a slight drop in distressed inventory - two weeks ago 31.1% of the city’s active home stock was distressed. Now, 30.8% of homes for sale is distressed.

Laguna Beach, however, gained more short sales and foreclosures: two weeks ago the city’s percentage of distressed inventory was 9.4%, which has risen to 10%. This is the highest Laguna’s distressed inventory has been in months.

Countywide, distressed inventory rose to 35%, which is up from 34.4% two weeks ago.

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