Palos Verdes real estate has experienced the sale of distressed properties but at a much lower rate than the rest of California. 466 single family Palos Verdes homes have sold since the beginning of the year. 33 of those sales were Short Sales where the bank holding the seller’s note was paid less than the mortgage amount – that was 7% of closed sales since January 1, 2010. 25 homes that sold were REOs or bank owned properties (the bank had foreclosed on the prior owner) – that was 5% of closed sales. According the California Association of Realtors Housing Market Survey, 16.2% of 2010 sales in California were REOs and 22.2% were Short Sales.
There are currently 6 single family Palos Verdes homes for sale that are REOs and 14 homes are Short Sales. As a point of reference there are currently 254 single family homes for sale in Palos Verdes; therefore, 2% of current listings are REOs and 5.5% are Short Sales. Statewide for the month of July, 19.5% of active listings were REOs and 33.7% of active listings were Short Sales. As you can see, distressed property rates in PalosVerdes are much lower which is one of the reasons our market is experiencing more stability.
Photo courtesy of Arvin Design
