Orange County home foreclosures up by 74%

December 17, 2008
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading ... Loading ...

The 633 home foreclosed in Orange County last month is a 74% increase compared to only 364 homes foreclosed in November 2007.  Last month’s foreclosures are however considered a 14% reduction compared to the number of OC homes foreclosed in October.

The issuance of the notice of default was noticeably lower in September this year after banks were required by a state law to avoid foreclosures without first talking to the borrowers or homeowners at least 30 days before they file the notice of default.

A total of 1,205 homeowners however received notices of default in November which is an increase of 30% compared to the number of homeowners with default notices…