Quote of the Day - Our research has always shown a correlation between foreclosures and a flattening home price appreciation curve.
Foreclosures in tony Orange County have topped 1,000 in May according to the Orange County Register. With foreclosures running along at 78 a day, the Register headlines "The Real Foreclosures of Orange County." The OC, as it has been popularized on a television show with a similar name to the headline, is one of the wealthiest in the country, with more dollars per square foot than just about anywhere else.
So it is time for brunch aid?
After all, if you don't want to take the Foreclosure Bus for a three-hour tour to view properties to buy, you can scan the photos. You might be able to find a bargain or two for just over a million, or just under $100,000, depending on your taste.
Reporter Eugene Garcia slogged through a three-hour long auction and did some digging to find the results of one particular sale: A house at 515 W. Camile in Santa Ana (3 bed, 2 bath, 894 sq. ft. and covered in graffiti) went for $175,000 cash. In March of 2006, the house sold for $585,000 and then again in April of 2007 it went for $515,198.
Now where did all that money go?