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Find a Foreclosed Home for Sale in South Coast Cities

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By : John Cutts    99 or more times read
Find a foreclosed home for sale in South Coast cities in California, as distressed properties continue to rise in number in these cities, based on data from local realtor associations.

In contrast to other cities in Orange County, California, where the pace of foreclosure is slowing down, South Coast cities have been posting increases in defaults and foreclosures over the past two weeks.

As presented in a biweekly report on Orange County defaults and foreclosures, the percentage of foreclosed houses and distressed homes for sale in Dana Point increased slightly from 24.7 percent to 24.8 percent. Laguna Beach posted 9.3 percent, up from 9 percent in the previous two weeks.

The highest percentage of distressed houses for sale again occurred in Talega, which had 57.4 percent of its housing inventory in distress, up from 52.4 percent in the previous biweekly report.

Across Orange County, however, the percentage of foreclosed single family properties and distressed homes for sale fell from 34.8 percent to 33.7 percent. The total of distressed homes available for sale in the county dropped by 22 units to 2,651 units.

In San Clemente, the percentage of foreclosed and distressed homes for sale also dropped from 32.8 percent to 31.2 percent.

According to county realtors, the decline does not indicate that the pace of foreclosures is slowing down across the county. It meant that the number of investors and potential homeowners looking for a foreclosed home for sale has shot up, cutting down inventories quickly.

Over the past four weeks, the pace of entry of non-distressed and distressed homes into the market is almost the same as the pace of their exit from the listings.

All in all, over the past two weeks in the South Coast area, Dana Point had 234 homes for sale, with 58 distressed units; Laguna Beach had 300, with 28 distressed units; San Clemente posted 343, with 107 in distress; and Talega had 61, with 35 distressed units.

Meanwhile, in a related report, investors planning to buy multifamily properties in South Coast are advised to check real estate-related laws that took effect on January 1 this year and bills included in the 2009-2010 session. Three of these are the multifamily housing program for veterans, the emission reduction instruction given to the South Coast Air Quality Management District and the protection of mortgage borrowers from unscrupulous lending practices that caused the foreclosed home for sale crisis.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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