Monday, October 13, 2008

Foreclosures in Orange County

by Calculated Risk on 10/13/2008 02:58:00 PM

From Mathew Padilla at the O.C. Register: See where foreclosures are stacking up in O.C.

[A] growing backlog of foreclosures threatens to push home prices further down, some economists and brokers say.
MDA DataQuick, in a special report prepared for the Orange County Register, found that as of early September there were more than 3,300 unsold foreclosures in the county. DataQuick looked at all foreclosures for the year ended in June, and checked to see how many had resold. It found 40 percent were unsold.
Matt provides maps of the unsold inventory and time to sell by zip code. So far the foreclosures are piling up in the lower prices areas of Orange County. Some may think that this is still a subprime problem, but in Orange County even the low priced areas have many homes that sold for above the conventional loan limits set by Fannie and Freddie back in 2004 and 2005.

The photo below shows a central orange county house that sold for $600,000 in 2005. Since the conforming limit was $359,650 in 2005, this home may have been bought with an Alt-A loan.

On Alt-A, see Tanta's "Subprime and Alt-A: The End of One Crisis and the Beginning of Another" and for those wondering about Alt-A "Reflections on Alt-A"

Orange County Foreclosure
Photo credit: Rose Palmisano, The Orange County Register

This foreclosed 3 bedroom home sold for $600,000 in August of 2005.
This home is in the central orange county city of Anaheim.