Orange County is a county in Southern California, United States. Its county seat is Santa Ana. The county is famous for its tourism and is the home of such attractions as Disneyland and Knott’s Berry Farm, as well as several beaches along more than 40 miles (64 km) of coastline.
It is also recognized for its nationally known centers of religious worship, such as Crystal Cathedral, Saddleback Church, Calvary Chapel, and the Newport Beach California Temple. It is known for its affluence and political conservatism.
Luxury homes range from large estates in gated communities in Laguna Niguel, sweeping Ocean view homes in Laguna Beach, Dana Point or San Clemente, and equestrian estates in Laguna Hills and San Juan Capistrano. Orange County is home to a popular high class real estate market that makes the county more marketable for houses for sales.
Unfortunately, this area makes up a huge part of the California foreclosures list due primarily to large job losses and a lot of new and existing homes for sale. Today, the main cause of the problem is a correction in local home prices coupled with many highly leveraged, adjustable rate mortgage loans that were made over the past four years. To prevent foreclosures, people rather go into Orange County short sales.
Foreclosed properties refer to those whose ownership was surrendered to the creditors because of the inability to pay what they still owed. A huge slump in the economy curve of the area caused the increase in the situation.
To prevent foreclosure, the mortgaged property is placed on a short sale. Sales then proceed to the creditor as either full or partial payment of debt, depending on the agreement between debtor and creditor. A short sale is basically a situation when the creditor agrees to let the debtor sell the property at a lower price that what is still owed on it.
Buying foreclosed real estate is an alluring idea, particularly in Orange County, California where nearly everyone is scrambling for a deal. With a population of more than 3 million people, Orange County has a gigantic foreclosure market that is larger than 20 U.S. states
Investors in Orange County shorts sales have 34 cities to choose from – including the affluent areas of Newport Beach, Costa Mesa, Laguna Nigel, Irvine and Anaheim to the working class neighborhoods in Buena Park, Garden Grove, Westminster and La Habra.
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