Orange County is famous for its tourism. It’s 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. The county is in Southern California and its county seat is Santa Ana.
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.
Orange County is home to a popular high class real estate market that makes the county a more marketable area for house sales. Luxury homes range from large estates in guarded communities in Laguna Niguel, to sweeping Ocean view homes in Laguna Beach, Dana Point or San Clemente, and equestrian estates in Laguna Hills and San Juan Capistrano.
Real estate businesses are mushrooming in the county. But sad to say, this area makes up a huge portion of the California foreclosures list primarily because of massive job losses and a glut of new and existing homes for sale. Today, the main culprit is a correction in local home prices coupled with many highly leveraged, adjustable rate mortgage loans that were made in the past 4 years. To prevent foreclosure, though, people try to 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.
The option to prevent foreclosure is to put the property up for a short sale. The sales proceeds will then go to the creditor as either full or partial payment of debt (depending on former agreement of debtor and creditor). A short sale is when the creditor agrees to let the debtor sell the property at a lesser price.
With a population of more than 3 million, Orange County represents a gigantic foreclosure market that is larger than 20 U.S. states. Buying foreclosed real estate is an alluring idea, particularly in Orange County, California where nearly everyone is looking for a deal.
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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