1/3 of Mission Viejo Homes for Sale Distressed, Bank-Owned

Mission Viejo homes now on the market are more likely to be distressed than the county average, according to a new report by Steve Thomas of ReportsOnHousing.com.

Right now 36 percent of Mission Viejo homes are distressed, compared to the countywide average of 25 percent, as reported in the Orange County Register.

A distressed home is one that's owned by banks or one that's being short-sold.

Houses are selling faster in Mission Viejo on average than a year ago, the report says. Last year the average home would take a little over two months to sell, Thomas calculated. Now the average is closer to one month.

When the report was filed, 178 Mission Viejo homes were on the market. Those homes are likely to sell about 35 percent faster than the county average, the report says.