There are 33 properties in Foothill Ranch currently listed on the MLS. (One of them is actually in Portola Hills but entered incorrectly.) 22 short sales, 1 foreclosure and there are 10 normal sales.
14 properties have closed since July 1st: 5 short sales, 5 foreclosures and 4 normal sales.
61 properties are in escrow: 47 short sales, 4 foreclosures and 10 normal sales. When a short sale is in escrow on the MLS most of the time it is still awaiting the banks approval on the terms. Which means the chances of the escrow closing are low compared to normal sales.
To answer my question: What happened to the wave of foreclosures? It may still be coming because many of the 69 short sales in escrow and active on the market will probably become foreclosures in the next 6 months.
July 22, 2009
What happend to the wave of foreclosures? Foothill Ranch Market Report
July 8, 2009
Unemployment in Foothill Ranch Lowest in County
Orange County’s unemployment rate broken down by city gives Foothill Ranch the top position of best in the county at 2.7%. In a county that averages 8.6%
http://www.ocmetro.com/t-Wide_range_among_cities_in_Orange_County_jobless_rates_7_7_09.aspx
Why this number is so low is explained in the article above. The unemployment rate is key economic factor when looking at real estate trends. Low unemployment is good for real estate. It is bad that the county is at a record high 8.6% but the low unemployment in several Orange County cities is a positive signal. Do you think it will lead to a stronger real estate market?
July 7, 2009
4th of July Parade Lake Forest CA
We had a great time marching in the parade. The Cub Scouts showed off their scooter skills. We walked from El Toro High down Toledo to Lake Forest Drive up to Serrano and back to the high school.