Where Have All the REOs Gone?

Check out this chart:

	Jan 09	May 09	June 09	Active
All OC	1,681	2,409	603	9,357
Short Sales	306	428	223	2,610
Bank Owned	736	743	60	417

In January of this year, Bank Owned homes accounted for 44% of all the homes sold in Orange County. In May, that number had fallen to 31%, and the trend continues. Bank Owned properties currently make up only 4% of all homes on the market, and for the first week of June only account for 1 in 10 of the properties sold or placed in escrow for sale. RealtyTrac reports that foreclosures are still happening at a record pace, but they have not yet hit the market. The net impact has been a firming up of prices and intense competition for homes priced below $500,000.