Orange County Foreclosures – Foreclosure Radar speaks
Hi everyone,
Orange County Association of Realtors had a PACKED house today to listen to Sean O’Toole, founder of Foreclosure Radar (www.ForeclosureRadar.com) speak on the state of the OC foreclosure market.
Currently there are over 2 million homeowners in CA who are under water, and there appears to be about 41 months left of foreclosure inventory that needs to be liquidated. Lots of buyer and investor opportunity there!!!
Are Orange County Foreclosures Going Up, or Down?
As of Sept 2008 and the announcement of the HARP program, the foreclosure activity is SIGNIFICANTLY DOWN, and continues to decline. This is great news for the homeowners struggling to modify or refi underwater loans. The banks are really starting to work with borrowers to create a solution other than foreclosure, but of course there are still plenty of properties that still need to go that route.
Are you interested in finding foreclosure stats for your city?
Here’s a great link of Orange County foreclosure zip codes and foreclosure activity.
Where are OC foreclosures headed now?
Well, the government does continue to help us ‘extend and pretend’ as Sean says. He’s projecting at least 4 more years of foreclosures, BUT, there will be NO WAVE of foreclosures the way many murmur about. The banks are just not solvent enough to flood the market with foreclosure listings like everyone wants or expects them to. The REO market continues to slow, and Foreclosure Radar experts expect it to continue to decline. They are expecting loan mods and short sales to increase.
What does foreclosure spiral look like from an emotional standpoint?
Denial
Anger
Depression
Bargaining
Acceptance
The entire process is completely draining to the homeowner, and Sean actually put it in a new light as a ‘blessing’ to some. It’s better than having a huge burdensome payment for the rest of your life… or even worse.. having your children be forced to take on your bad debt like other countries. When you look at it like that, he’s right. BUT, we still think its much better to short sale or modify, which is why we created our Ten Dimensions team to help homeowners who are fighting foreclosure.
Why don’t people talk to their Realtor when they’re in the foreclosure process?
Many feel shame, and Sean said its so hard for him to hear people reach out to HIM, but not to their real estate agent. Believe me, your agent probably had to fight foreclosure before you did. TALK TO THEM, the sooner you ask about options the more you have!!!!! If you need someone to trust, you can trust The Weeks Team and the Ten Dimensions Team.
Call 877-230-3211 or email angie@askangie.com to schedule a foreclosure consultation appointment.
Orange County Real Estate Success 
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