O.C. foreclosures up 128% Y-O-Y, RealtyTrac says
February 26th, 2008, 2:01 am · 13 Comments · posted by Andrew Galvin
Oh, what a difference a year makes!
There were 3,197 foreclosure filings against Orange County properties in January, up 128% from January 2007 and up 9% from December 2007, according to RealtyTrac, the Irvine-based foreclosure tracker. The figure includes notices of default, notices of trustee’s sale and real estate owned (REO) properties.
Statewide, there were 57,158 such filings in California in January, up 120% from January 2007 and up 7% from December 2007, RealtyTrac said.
Nationally, filings were up 57% from January 2007, and up 8 percent from December 2007, to 233,001, according to RealtyTrac. Nevada continues to have the highest foreclosure rate among the 50 states, with 0.6 percent of Nevada households receiving a filing in January, compared with the national average of 0.19 percent. California, at 0.44 percent, ranked second.
RealtyTrac’s O.C. numbers track pretty closely with those reported Feb. 13 by DataQuick. According to DataQuick, there were 2,352 defaults and 802 foreclosures in O.C. in January, for a total of 3,154. That was up 215 percent from what DataQuick reported for January 2007.
February 26th, 2008 at 4:02 am
This number will continue to go up due to all the mortgage resets this year. Congress and the Fed can try to tinker with this all they want. Of course, they shouldn’t do a thing. The more they do the worse off housing economy will be in the long run. The time for the patient renters and sound investors will happen one of these days. Maybe that day will be in 2009, maybe it will take longer … patiently waiting.
http://www.investmentbinder.com/view-binder?id=kennycud
February 26th, 2008 at 7:35 am
OC will be even worse next year and the year after with respect to overleveraged home owners getting to the end of their rope. That is because most of the toxic loans were 5/25s instead of 2/28s. OC will be about 2.5 years behind the Inland Empire for that reason. It is not prime and Alt-A vs subprime, it is traditional standards, LTV and documentation vs high LTV, no-doc, everyone gets a loan….and OC is going to be in a lot more trouble than most imagine….but it will take time to show.
February 26th, 2008 at 9:34 am
I am not surprised. I would be surprised if it was not this way due to the total moron herd mentallity of the buyers and the greedy lenders and real estate agents. So this is what happens. People were willing to overpay.
February 26th, 2008 at 9:55 am
Oh, No. Is it dying or dead?
February 26th, 2008 at 10:35 am
Buyer beware. Buyers bought more home than they could afford and signed on BAD loans. Buyers should have read the small print or suffer consequences.
February 26th, 2008 at 10:43 am
When will the feds let everyone know that we are and have been in a “recession”? Unortunately this is only the tip as we have not experience this mix of economy, unwarranted war, and corruption.. We are in new water and it will be much more difficult to dog paddle this time…..Save up and be patient. The news and media work and act as propaganda puppets and we are expected to react accordingly. Do your own due diligence and be patient.. cheers
February 26th, 2008 at 1:45 pm
you can thank alot of the “newspapers”- like u know who- for
helping exacerbate the mania… with their front page headlines that
were screaming buy now or youre a fool…. never questioning
the rationality of it all… thanks media hope you enjoy the results
February 26th, 2008 at 1:59 pm
This is very scary…The piece that not many are talking about yet is the impending total collapse of the credit card companies. As home owners walk away or equity lines get frozen who are the next to get sidelined? Credit Cards. If I were a stock guy, I’d short the credit card companies.
KC
http://www.LoanChatLive.com
February 26th, 2008 at 3:38 pm
this may sound crazy……..but I can tell you from first hand experience that many of these same borrowers, WOULD, today still elect to get a 80/20 loan with a libor ARM and interest only option, and also the 1% neg am pay option ARM……
Or, are openly thinking about buying a forclosure at reduced prices, and then when loan closed, letting their existing home slide into foreclosure
Many of them are “playing” the victim……they think it’s a big game.
February 26th, 2008 at 6:19 pm
where are Gary Watts and Jimmy? I need your help
February 26th, 2008 at 7:55 pm
Rants,
That was a thoroughly depressing albeit sadly “truthful” account of the coming economic decline and what got us here. Bernanke and Paulsen are acting like elected politicians they are lying so much about the true direction of the economy! Stagflation? There’s a scary prospect to go along with everything else laid out in that article. Maybe it’s time to start growing crops in my back yard and learn how to make my own clothes?