Foreclosures Have Sneaked in Causing Countless Orange County Repo Houses

To understand the housing crisis that has led to innumerable Orange County repo houses some amount of homework is required.

Orange County is in California, USA with its seat in Santa Ana. There is no well-defined urban zone in Orange County – it being evenly suburban except for some older centres like Santa Ana. The predominant theme in Orange County is tourism with its southwest being huging the Pacific Ocean. Irvine is its main business centre. It was till recently the second most expensive real estate market in the country but the foreclosure crisis has upset all estimates. Orange County has a warm Mediterranean climate attracting tourists to its golden beaches round the year. It is a paradise for sun bathing and surfing. Into this heaven on earth strangely enough foreclosures have sneaked in causing countless Orange County repo houses to dot the county.

Orange County repo houses are those houses that have been repossessed by the banks after being foreclosed upon. The foreclosure is a judicial process by which the lender realizes its unpaid dues by seizing the mortgaged property. There are various stages to the process – the last being the repossession by the bankers. When the borrower defaults the loan becomes delinquent and the lender sends a foreclosure notice. If no solution is found then the foreclosed house is set up for auction. If that fails then the banks step in. This has led to innumerable Orange County repo houses. Orange County repo houses are causing problems for the locality. Firstly there are so many Orange County repo houses that the banks with their infrastructure are unable to keep track of these Orange County repo houses and see to their maintenance. As such these Orange County repo houses are falling into disrepair. Vandals and prostitutes as well as drug peddlers are targeting Orange County repo houses for their nefarious activities. It is a common occurrence for fires to break out in Orange County repo houses. The fire department and the police do not have the manpower and funds to tackle the increasing problems arising from Orange County repo homes. Orange County repo houses are causing the fall in prices of adjacent localities because of these factors.

The foreclosure crisis has been going from bad to worse in Orange County leading to an increase of numbers in Orange County repo houses. A report from December 2006 said that defaults in November 2006 had increased by 125% from 2005 and by 11% from October 2006. In November 665 default notices had been given out. Defaults lead to repossession. During the housing boom years there had been few Orange County repo houses. The October 2006 total of foreclosures was the highest in the last six years.

In September 2008 the picture has considerably worsened. Eugene Garcia took a photo tour of the Orange County repo houses and described them as horrendous.

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