O.C. Foreclosure Watch

Orange County CA Foreclosure Report

This site reports monthly on properties in Orange County CA that are in different stages of foreclosure. 

For a property to appear in the statistics, a lender must start the foreclosure process by assigning a trustee to the property who files a legal courthouse notice or N.O.D. (Notice of Default).  With this filing, a 90 day process begins to make the borrower aware of the lender's action and intent to foreclose if the loan is not brought current.  Lenders will often workout other arrangements with the borrower during this period.  The most common is an agreement to short sale, but some lenders will also work with borrowers to bring their loan current over an extended payment plan if the borrower can prove to the lender that the borrower has the ability and desire to catch up the loan and make the future payments on time.

After the 90 period is over, the lender can file a request to sell the property at a courthouse steps auction after an additional period of 21 days.  This total time frame is often referred to as a 111 day period (90 days + 21 days = 111 days).  The borrower has the right to bring the loan current within any part of this period up to day 106 (5 days prior to the scheduled auction).  However, if you are in this position, I have seen lenders refer to this as a 7 day period, so check with your lender if you are trying to bring your account current to avoid a trustee auction of your property.

Below are the Most Recent Monthly statistics presented in historical graphs:

 

Foreclosure Filings—Notice of Default filings are the first step in the foreclosure process. Notice of Trustee Sale filings set the date and time of an auction, and serve as the homeowner's final notice before sale.

 

Foreclosure Outcomes—After the filing of a Notice of Trustee Sale, there are only three possible outcomes. First, the sale can be Cancelled for reasons that include a successful loan modification or short sale, a filing error, or a legal requirement to re-file the notice after extended postponements. Alternatively, if the property is taken to sale, the bank will place the opening bid. If a 3rd party, typically an investor, bids more than the bank's opening bid, the property will be Sold to 3rd Party; if not, it will go Back to the Bank and become part of that bank's REO inventory.

 

 

 

 

Foreclosure Inventories—Preforeclosure inventory is an estimate of the number of properties that have had a Notice of Default filed against the property, but have not yet been Scheduled for Sale. The Scheduled for Sale inventory indicates those properties that have had a Notice of Trustee Sale filed, but have not yet been sold or had the sale cancelled. The Bank Owned (REO) inventory indicates the number of properties that have been sold Back to the Bank at the trustee sale, and which the bank has not yet resold to another party.

 

 

 

 

 

Foreclosure Bids—The Published Bid is the amount listed in the Notice of Trustee Sale and is typically the balance due at the original date of sale. The Opening Bid is the bank's starting bid at auction, and is often discounted from the Published Bid. The Winning Bid is the highest bid received at auction and reflects the amount at which the bank or 3rd party purchased the foreclosure.

 

 

 

 

 

Foreclosure Discounting—This chart compares the winning Bid Amount of properties sold at trustee sale to both the outstanding Loan Amount, and the current Market Value. Banks place an Opening Bid for each property and if a 3rd Party does not make a higher bid, the property will be sold Back to Bank (REO) for the Opening Bid amount. Properties Sold to 3rd Parties will typically have Winning Bids with deeper discounts to both Loan Amount and Market Value as only low Opening Bids will attract investor interest.

 

 

 

 

 

 

Time to Foreclose—The average number of days between the filing of the Notice of Default and the final sale at auction for foreclosure sales that occurred during the specified month. Time to Resell—The average number of days between the final sale at auction and when the property was resold by the bank or 3rd party.

 

 

 

 

 

Filings By Number of Bedrooms—The number of foreclosures that have received either a Notice of Default or Notice of Sale, shown in columns arranged by the property's number of bedrooms.

 

Filings By Square Foot—The number of foreclosures that have received either a Notice of Default or Notice of Sale, shown in columns arranged by the size range of the property in square feet.

 

 

 

 

 

Filings By Year Built—The number of foreclosures that have received either a Notice of Default or Notice of Sale, shown in columns arranged by when the property was built.

 

 

 

 

 

 

Filings By Est. Market Value—The number of foreclosures that have received either a Notice of Default or Notice of Sale, shown in columns arranged by the estimated market value of the property in foreclosure.

 

 

 

 

 

 

 

Filings By Loan Balance—The number of foreclosures that have received either a Notice of Default or Notice of Sale, shown in columns arranged by the balance of the loan in foreclosure.

Filings By Loan Origination Date—The number of foreclosures that have received either a Notice of Default or Notice of Sale, shown in columns arranged by the quarter and year in which the loan was originally made.

The information above is an overview for Orange County CA.   If you would like similar information for your paticular city or zip code, please email your area of interest and I will supply it to you.  These statstics are compiled by Forclosure Radar and are deemed reliable but not guaranteed by Foreclosure Radar, Charles Roe, or Realty ONE Group.

A Final Note:

Obviously every county, city, neighborhood, and home will not be valued exactly the same.  However, according to the Case Shiller home valuation report, O.C. prices have dropped of approx 38% from the market high of September 2006.  So a quick value calculation to determine your home's current value is to take the top prices that homes like yours were selling for at the market peak, and multiply this amout by .62 (62% current value to market peak).

If you would like more specific information for the value of your particular home, please call me at 949-370-1311 or email me at LuxuryRHomes@gmail.com with your address, tract / neighborhood name, the rough square footage of your home, it's model number or name (if it is not custom), and I will provide recent sales, listings, and time on the market of comparable homes to give you a reasonable expectation for what your home might currently appraise and sell for.

Also, if you have fallen behind on your mortgage and want more information on how you can approach your lender to modify and catch up your loan, I have information concerning this too. 

Finally, if you are behind on your loan payments and fear that you will be unable to keep your home or you owe your lender more than you believe your home is currently worth, please contact me immediatly and we can review your options for working with your lender to fix the problem or short sale your home.  There are many reasons to avoid foreclosure.  Foreclosure can be a very bad blemish on your credit file and could create years of problems including making renting a home or buying a home, a car, or even securing a new credit card mire difficult.  Please call if you are facing this challange.

Regards,

Charles Roe

949-370-1311

CharlesRoe@LuxuryResortHomes.com

www.LuxuryResortHomes.com