Another sign that the Orange County real estate market is looking up? Dwindling foreclosure numbers. A recent report shows that the number of California homes entering into foreclosure was down dramatically in August compared to this time last year. To be specific, the notices of default, or the first step in the foreclosure process, were down 49% from August 2011.
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Many have been predicting a foreclosure wave that will hit Orange County next year. These statistics seem to hold that at bay, at least for the time being. According to one real estate expert, “We continue to hear about the foreclosure wave that is coming after the election or after the New Year. There is clearly no foreclosure wave in sight. Given that it is taking the banks over 280 days in California to resell a property, we would need to see a huge spike in the number of Notices of Default filed now in order to have the properties going to Trustee Sale after the election.”
In California in August, there were more than 83,500 properties scheduled for sale. However, more than 75% of those sales were postponed and nearly 13% were canceled. The above chart details notices of default, notices of trustee sales, homes that went back to the bank and those sold to investors.
While less foreclosures might mean less “steals” for savvy investors, it also means a healthier economy as Californians are paying for fewer people to live in their homes without paying their mortgages. And, as I always say, there are still great deals to be had! With the help of the right Orange County real estate agent you will be able to find the perfect home for you. Call me today to find out more about a few of my listings!
Cheryl Marquis has been an active and successful real estate agent in South Orange County, California for more than 25 years. As a TOP PRODUCER in her company, Cheryl has received the specific accreditation of a Certified Relocation Specialist (CRS) and Accredited Buyers Agent (ABR) and is a member of the Who’s Who of Luxury Real Estate, a select network of the world’s leading luxury home agents. Cheryl is a member of C.A.R. (California Association of Realtors), N.A.R. (National Association of Realtors) and O.C.A.R. (Orange County Association of Realtors). To talk to Cheryl about buying or selling a home in Orange County, call her at 949.683.1501 or visit her online at www.CherylSellsOC.com