Orange County Foreclosures Drop

Orange County home foreclosures declined significantly this spring, with some economists and home financing analysts speculating that most risky mortgage loans have worked their way through the system and the housing market may bottom by year end.   However, home financing advisor and Kelly Media Group founder, Jason Cardiff reminded us that “Orange County was the epic center for option ARM loan also know as 1% negative amortization loans.”  Cardiff said in a recent article that “We are not out of the woods until the neg ams and exotic mortgages disappear.  Banks seized 42 properties in the second quarter in Santa Ana’s 92701, which had the county’s highest ratio of foreclosures to existing homes at 8 per 1,000. Yet the 42 foreclosures represented a 65 % drop from a year ago.   More examples: Buena Park’s 90620 saw foreclosures drop 57 % to 29 homes seized. In Costa Mesa’s 92627 they dropped 37 % to 22, and in Ladera Ranch’s 92694, foreclosures dropped 40 % to 30.  Yet experts say government intervention has played a role in the declines. Read the original Jason Cardiff article at > Foreclosures Drop in Orange County