WHAT WERE THE ACTUAL NUMBERS?

Orange County's total number of sales was 2,780.  That was an increase of 13.2% over July and a 9.5% over August 2010. The median price declined 4%.  There were 1,834 single-family resales, 793 condos, and 153 new homes.  There were 1,264 sales under $400,000 and it plunged to 440 sales from $400,000 to $500,000.  Prices from $500,000 to $600,000 dropped even further to 341.  Just when you thought it couldn't go lower, $600,000 to $700,000 fell to 227 sales.  Finally, over $700,000 came in at 478.  There were 2,007 Notices of Default, and 1,466 Notices of Trustee Sale (the final step before foreclosure).  There were 712 properties that actually went to Trustee Sale; of those 204 were purchased by investors, and 508 went back to the bank.  Those 508 represent the next batch of REO or real estate owned, bank properties that will be hitting the market in future months.  Now some good news:  If it seems like all properties on the market these days are distressed, they truly aren't.  For example, of the 1,871 single-family resale (discrepancy from above numbers is simply a different data provider),  1,271 were equity, only 300 were short sales and 280 were bank owned sales.  In other words, 1,271 to 580.  A whole lot more equity activity is going on than people think.  And there is a better price point.  Sellers who worry that they won't get as much value because of comparable sales dragging them down, median per square foot values were, $288, $252 and $237, respectively.  We are not out of the woods, and no one is saying that we are, but, there are buyers, there are sellers, there are many people entering into real estate transactions, and it is possible to get a loan.