The OC Register has some

[ltokuda]

The OC Register has some information which shows what’s going on.

Banks are offering about 20% less than last year for foreclosed properties:

http://mortgage.freedomblogging.com/2008/05/13/banks-offer-20-off-foreclosed-homes-in-oc/

Lower priced homes are experiencing the most distress:

http://mortgage.freedomblogging.com/2008/05/19/supply-of-oc-distress-homes-for-sale-up-again/

Lower priced homes are seeing the most buying activity:

http://lansner.freedomblogging.com/2008/05/19/where-did-aprils-surge-in-home-sales-come-from/

Lower priced homes are seeing the shortest market time:

http://lansner.freedomblogging.com/2008/05/19/cheap-home-rush-cuts-oc-supply-under-6-months/

So the basic story is that people are buying where the discounts are. In markets where there aren’t as many discounts, there isn’t as much buying.