Foreclosures
Distressed Properties Continue To Dominate O.C. Market
The latest reports on Orange County homeowners shows that 14.4% were underwater in the 4th quarter of 2009. Homes with mortgages larger than the current value of the home were used in this calculation.
Distressed properties currently account for 33% of the market in Orange County. Out of all home sales that took place in Orange [...]
2009 O.C. Bankruptcy Filings Highest In Decade
In 2009, the highest number of Orange County individuals and businesses filed for protection in the federal bankruptcy court in at least a decade.
In Orange County, filings for the year were 64.1% higher than in 2008 and throughout the entire Central District (which includes most of Southern California) filings were 64.9% higher than the previous year. [...]
Govt. Incentives For Short Sales
The Home Affordable Foreclosure Alternatives Program (HAFA) was released by the Treasury Department on November 20, 2009 and has been intended to help increase the number of short sales that take place. HAFA is a part of the Home Affordable Modification Program (HAMP).
The new government program is designed to provide incentives for short sales or a [...]
Short Sales Popular Choice For Struggling Homeowners
Last week there were 2,180 active short sales on the market in Orange County, which was a 1% increase from two weeks earlier. There was another 7,000 short sales that were either on hold or were active listings pending sales.
Short sales must be approved by a bank therefore all short sales listed are not [...]
Number of Short Sales On The Rise
Throughout the county short sales – a sale of a home for less than is owed on its mortgage – are up.
The rise is shorts sales may help explain the increase in home transactions at a time when they are usually falling. Usually home sales decrease after August but this year the number of [...]
Foreclosures Account For Only 4% Of Homes For Sale In O.C.
Based on the current sales pace it would take 21 days to sell all the bank-owned homes in Orange County and competition is getting so rough that many homes are being sold for 3% over their asking price.
Less than 1 in 20 county’s 7,749 homes for sale were reposed homes taken by the banks [...]
Investors Are Purchasing More Foreclosed Homes
Last month in Orange County investors purchased 39% or 278 of 718 homes and condos sold at auctions.
Less properties are being returned to banks as lenders and loan servicers offer bigger discounts as high as 60% off debt owed on a first mortgage. Most homes seem to get a discount of 30% off debt [...]
Commercial Properties Will Be Hit Hard In 2010
Over a dozen O.C. firms and homebuilders have defaulted or may be at risk of default this year. Next year isn’t looking much better with a slew of commercial defaults likely to occur due to the lack of financing and loan repayments becoming due.
Commercial property owners are feeling the squeeze. Lenders are now requiring [...]
6Oct2009 | Adam | 0 comments | Continued
Foreclosures Account For 4% Of Active Listings
Last week the number of distressed properties on the market in O.C. was 2,346 down 1.6% from two weeks earlier. The distressed inventory has dropped 44% from its peak reached in August of 2008. They accounted for 29.6% of the market last week.
Currently there are 320 foreclosures for sale in all of Orange County, a 14 [...]
The FDIC Needs A New Plan To Find Money
The Federal Deposit Insurance Corp funds is loosing cash fast and are considering a plan to
borrow money from successful banks to bolster the fund – rather than tapping taxpayers.
Money for the fund comes from assessments on all banks that take deposits. The new plan to borrow from the banks would be interesting but could [...]
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Great info, thanks for sharing. Not much would be selling in Charleston SC if we did not have the FHA ...
I discovered your homepage by coincidence.
Very interesting posts and well written.
I will put your site on my blogroll.
:-) 
Nice writing style. Looking forward to reading more from you.
Chris Moran 
Congrats to Troy!
Aloha,
Keahi 
Very interesting information. It's nice to know that the banks may have a strategy rather than being completely reactive. ...
I found your blog on MSN Search. Nice writing. I will check back to read more.
Eric Hundin 
Hello Adam,
My husband and I participated in this years car show for the first time. My husband entered his ...
These are just a few of the things that should be taken into consideration when you are looking for a ...
I think one thing that many people underestimate is the time and money that goes into restoring an old house. ...
FHA loans over 95% require 2 apprisals with the new guidelines. The banks apparently value their opinion.