The real estate market has been severely affected by the 3 effects of the national mortgage crisis, local recession and the California real estate correction. Prices in Santa Ana, on average have dropped about 40% since the peak in pricing in the Spring of 2006′.
Many Santa Ana homeowners who bought their home from 2004′ until 2007′, using leveraged loan financing, now find themselves with mortgage debts more then the home is worth (ie: upside house). Mortgage Banks today do not want to foreclose, and would much rather conduct a short sale instead. Some lenders are now offering cash for cooperation to homeowners as an incentive to cooperate with short sale, versus letting the home go to foreclosure.
This major market correction can be seen in the large number of Short Sale listings. Here are some of the statistics. Currently, there are 161 attached condos that are Active Short Sales listed for sale, ranging in price from $57,000 on up to $599,000. There are 117 Short Sale condos that are Pending in escrow. In the past 90 days, there have been 46 Short Sale condominiums that have sold and closed escrow. As comparison, one year ago at this time, there were only 21 Short Sale condos that closed escrow during the same 3 month period. One more interesting statistic, is that for the 46 condo units that closed in the past 90 days, there were 84 failed Short Sale closings during the same period of time in Santa Ana. This represents a failure rate of 65% on average. As a comparison, our team of experts (ShortSalesASAP Group) closed more then 94% of our Short Sale listings.
For detached homes, there are currently 166 Short Sales Active for sale in Santa Ana. There are 173 detached homes that are pending in escrow that are Short Sales. And in the past 3 months, there have been 77 single family homes that have sold and closed as a Short Sale. Unfortunately, there were also 161 homes that failed to close the Short Sale, which represents a success rate of just 32%. Conversely, our Team of specialists has a Short Sale success rate of over 94%.
If you are a home owner whose mortgage debts are more than your home is worth, or if you are having difficulty keeping up with your mortgage payments, feel free to contact one of our experts to learn about the advantages and disadvantages of a Short Sale. We can be reached at: (949) 388-3396, or email us at: Info@ShortSalesASAP.com
