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Year-over-year listings in Orange County of distressed sales (i.e. homes that have either been foreclosed upon and are now bank-owned (REO) or are being sold as short sales) have declined by 21% since their peak in August of 2008. Listings for distressed properties in Orange County reached 5,950 early in August last year. That number has declined by 548 properties to 4,673 today; a decrease of 21%. However, total listings have also declined from 14,348 to 11,606, leaving the percentage of total listings nearly the same: 40.26% today vs. 41.46% in August 2008.
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The term “short sale” has become highly popular in the real estate market since around the beginning of 2008.  Actually, short sales have been around for a long time, but they were so rare, most people never heard of them until recently.  A short sale is essentially the sale of real property that is sold for less than what is owed, and gets approval from the lender(s) to retire the debt for less than what was borrowed. (…)