Short sales are being swept off the market with record speeds, and the expected market time is down to 13 days. That means that the bounty of short sale homes is slim and the likelihood of getting a phenomenal deal is even slimmer. We've talked a lot about the Orange County's seller's market in recent weeks and even the demise of the foreclosure market, and now it's short sales on our radar.

This is good news for the overall market because it means that short sales will be priced closer to their actual market value, which will in turn have a positive affect on the entire community. When a house is being appraised, the value of neighboring houses has a strong effect on the overall property value.

With an abundance of short sales being purchased at below their true value, the property values of entire communities began to sag. Now that the dominance of short sales is over and prices are rising again, these communities can return to their former glory and may even surpass previous appraisal values.

If your heart is set on finding a short sale home, we do have an idea of where you can start your quest. Here's a list of the South Orange County communities that still have the highest percentage of homes in the distressed (short sale or foreclosure) category:

We recommend not wasting your time trying to find distressed properties in Laguna Beach (6%), Dana Point (7.9%), or Newport Beach (3.9%), as these communities have the lowest percentage of distressed homes in the region.

Consider yourself warned! Finding and securing a distressed property in this market won't be easy. Contact us onlineor call us at 1-877-442-5652 and we'll help you navigate the current real estate market with finesse.

If you're interested in receiving regular Orange County market updates, let us know! We release reports regularly and would be happy to add you to our mailing list.