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A Brief Overview on Foreclosures in Irvine, CA

Posted by Kristian Ticas | on Monday, November 30th, 2009 at 1:47 pm
Category: Foreclosures.
Tags: , , , ,

Shortly after the year 2007 the real estate market began to meltdown as the entire country now feel the repercussions. The unemployment rate is up and the number of mortgage defaults continually build, as another wave of foreclosures are soon to follow. Most homes are now worth less than owed on original mortgage. Some companies may be more lenient and flexible offering help throughout the foreclosure process, yet hope quickly diminishes.

For the state of California, trouble continues and incessantly follows. The new foreclosure listings for October have now reached 85,420 as the year now brings a total of 927,367 homes affected. California has become the 2nd leading state in our nations foreclosed homes.

In the summer of 2009 the Federal Bureau of Investigation reported that Irvine California had the lowest crime rate compared to other California cities. But, foreclosures now sweep through even the better ends of California. It is sad to say that even this wonderfully incorporated city in Orange County with great schools, jobs and homes, holds the burden of being affected.

This city also spirals downward. The 21 townships also known as villages, currently hold 2,916 foreclosed homes. Pre-foreclosed homes are now registered as 8,256 and 4,543 bankruptcies follow.

With a population of 143,072 people, the maintaining sustainability of a popular and beautiful community becomes gravely at risk. This city that was once known for its great real estate investors, agents and home buyers, now is sadly tainted with bank owned homes and real estate auctions.

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