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Foreclosed 'Sales' Slowing in Orange County

June 23, 2009

Recently foreclosed homes, most of them likely being sold by lenders, are taking up a decreasing portion of Orange County real estate transactions, according to a report in The Orange County Register. The newspaper, citing figures compiled by DataQuick, said that in May homes that had been foreclosed upon in the previous 12 months made up 34.2% of homes sold, excluding newly built home sales. That's the lowest percentage since August. Foreclosures' share of the home resale market peaked in January at 46%. Lenders repossessed more than 1,400 Orange County homes last August — the highest number of any month on record. Orange County — once the home of many subprime lenders — has been one of the hardest hit areas in terms of home prices declines in the state.