OC California Housing Market Update Dec 2009- More Bad News for Homeowners

Orange County California Housing Market December 2009 Update. More Details at http://mysocal-realestate.com.

The shadow foreclosure inventory is at record size here in the OC. This includes pre-preforeclosure homes not listed for sale in the MLS as well as bank owned properties. Banks right now are not putting a lot of homes on the marketplace, while they are increasing the rate at which they foreclose on properties.

Both the state and federal government had an impact on the number of properties being repossessed to the lenders. And given the poor conversion to permanent modification through the Making Home Affordable Loan Modification process, this has built up a a huge wave of future foreclosures. Then when you add the Option Arms and Alt-A loan set to reset from now until the end of 2013, we predict 2010 will surpass the records set in 2009.

The only consistent method to buy foreclosure properties at a discount is through the foreclosure auctions shown on Chart 3 in the video.

When you look at the loan origination date and negative equity positions, you can a good indicator for at risk of high levels of foreclosure activity. We will go into this in later videos.

Category:

News & Politics

Tags:

• foreclosures
• making home affordable
• southern california
• SoCal
• OC
• real estate
• housing market
• loan modifications
• distressed properties