The number of foreclosures fell in nearly 70% of all ZIPs in Orange County during the second quarter of 2009 vs. the same period in 2008. 
Many people believe that the number of foreclosures will rise in coming months due to Obama’s disappointing foreclosure plan. The continuing rise in the unemployment rate also will also greatly affect the number of foreclosures that happen in the second half of the year.
Housing prices are expected to bottom later this year in the county, although some O.C. neighborhoods may have already hit the bottom. The Federal Housing Administration allows for 3.5% down payments which can help potential homebuyers deal with lenders who are demanding big down payments and in some cases more than one appraisal. FHA loans now account for 20% to 25% of home purchase loans in O.C.
The table shows ZIPs with the most foreclosures in Q2 2008 (starting from at least 50 foreclosures); the year-over-year decline and the ratio of foreclosures in Q2 2009 per 1,000 houses and condos.
Comments(0)