Orange County Home Buying Market Consists of Many Distressed Listings

Being an agency that offers Orange County home insurance quotes and policies, it is important to stay up to date on the market in the area overall. A recent Orange County Register article shows that nine percent of Newport Beach listings are distressed homes.

Newport homes in general are about 2.3 times harder to sell, according to the article statistics, but why is that? The communities of Newport had 83 homes for sales that were either foreclosures, being resold, or where the owner owed more than the house was worth.

The Newport Beach homes for sales represent around 5.7% of the Orange County market in total, with the coast representing 0.3% and Corona del Mar with 1.4%. The numbers are showing that homes in these parts of the OC, are going to take longer to sell, and will be more difficult than in other parts of the county.

For a quote on home insurance Orange County feel free to contact us at Milestone promise, and stay tuned for more updated blogs on the home buying market in the area.