Foreclosures in Orange County CA - March 2007 Update

 March 2007, Month of Highest Notices of Default

During last six months of Default Notices tracking March 2007 ranks the highest. There were 1241 homes into default a compared to 814 in Oct. of 2006. This is clearly a result of higher home prices and over spending by borrowers during last few years. Substantial drop in home sales in last quarter of 2006 and early 2007, made it difficult for many people to be able to turn around and sell their house and take care of their late payments.

Situation is worrisome for the Real Estate Industry, as we have not seen the effects of tightening underwriting guidelines yet. It is good for the long term but in a short term scenario it is going to make it difficult for many people to refinance their homes, which in turn can make above number to go beyond ones expectations.

We are keeping a close watch at our local Orange County Foreclosure numbers and we will offer updated information to our visitors at www.namneet.com