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O.C. sees 20 percent drop in foreclosure activity from April to May
One in every 220 homes received a filing.
By Kristen SchottPublished: June 10, 2009 10:21 AM
Orange County saw 4,672 foreclosure filings in May. The number is a 20 percent decrease compared to April, according to a recent report from Irvine-based RealtyTrac. And it's less than a 1 percent increase compared to May 2008.
Foreclosure filings account for notices of default, scheduled auctions and bank repossessions. One out of every 220 homes in the region received a filing in May.
Some 2,620 residences received a notice of default, 1,627 were notified of a public auction of the home and 425 were classified as Real Estate Owned by the lender, meaning the property is in the final step in the foreclosure process.
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Foreclosure filings account for notices of default, scheduled auctions and bank repossessions. One out of every 220 homes in the region received a filing in May. Some 2,620 residences received a notice of default, 1,627 were notified of a public auction of the home and 425 were classified as Real Estate Owned by the lender, meaning the property is in the final step in the foreclosure process. NEXT PAGE >> Related headlines 'OC METRO Minute,' June 9: Impact of distressed-home sales 'OC METRO Minute,' June 5: O.C. homes undervalued by 11 percent Orange County sees third largest percentage drop in unemployment in April |
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