Orange County Foreclosure Trends Explained
The graphs below represent the most recent foreclosure data for Orange County, CA.
Foreclosure Filings: The number of Notices of Defaults fell from a peak in August of 2011 of 2030 to a low of 1175 in April 2012. A declining number of NOD’s points to a decline in the number of distress sales, so this is a good sign for the Orange County real estate market.
Foreclosure Outcomes: Foreclosure outcomes were relatively unchanged over the past year, with the exception of the number of homes going directly back to the bank, which is at a one year low. This indicates the desire on the part of lenders to avoid taking homes back. They would much rather sell it as a short sale, before it gets to foreclosure, or worst case, sell it at auction if it does go to foreclosure. The last thing they want to do is own more real estate.
Foreclosure Inventories: Foreclosure Inventories have remained relatively unchanged, although the number of preforeclosures has declined.
Filings per Origination Date: The majority are between Q3 2005 and Q2 2007, which was the peak of the market in Orange County.