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Residential Re-Sale, Commercial Properties, Foreclosures and Investments…As a long-time Fullerton resident Adam is intimately familiar with North Orange County neighborhoods. He has extensive expertise in residential real estate, commercial build outs, hard money lending and mortgage banking. As an authorized REO agent for GMAC, CountryWide Home Loans and World Savings he has extensive experience in all aspects of the foreclosure process. Investors rely on his knowledge and experience to help them identify and capitalize on distressed properties.

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Number of Homes In Foreclosure Increased in May

July 10th, 2009 • Related • Filed Under

Home : Blogs : Adam Brett – Fullerton, California Realtor : Adam Brett’s Blog – All Things Real Estate in Fullerton and Beyond

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Number of Homes In Foreclosure Increased in May (edit/delete)

In May the number of foreclosed properties in Orange County on the books of banks fell to account for only 0.5% of all home loans in the county. The ratio of foreclosed properties to all home loans was 0.8% foreclosurein both April ’09 and May ’08. These facts mean that bank-owned properties are selling, especially home priced under $500,000.

Unfortunately the number of homes that are in the process of foreclosure has increased to 2.1% in May – up from 1.3% in April. The ratio of mortgages at least 90 days late but without a notice of default jumped to 6.3% in May, from 4.6% in April and 4% a year ago. Although loan modifications may help some people avoid foreclosure, statisitcs show that modifications work less than half the time.

It should also be noted that during the month of May the unemployment rate in Orange County rose 8.6% and the number of foreclosures typically rise and fall with the unemployment rate.

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