SHORT SALES CONTINUE TO DOMINATE MUCH OF ORANGE COUNTY

According to recent figures about 46% of Orange County sales are distressed.  Short sales then have an additional obstacle to overcome.  Recent statistics suggest about 43% of those won't close because of bank delays.  There is a new term in today's market, "patience equity."  For those buyers who can weather the storms and delays, they may be rewarded with a great price on a home in a great neighborhood.  There still is no standardized method for processing short sales and there are many irregularities within the same departments of many banks.  But still, this market has produced and will continue to produce many opportunities.  Investors already know this and that accounts for many all cash transactions.  As jobs continue to strengthen, the housing market should mirror that slow but steady progress.  See you next month.