Home foreclosures continue to wrack the Santa Ana-Anaheim-Irvine area, increasing 0.40 percent in December 2008 compared to the previous year. The rate of foreclosures among outstanding mortgage loans rose from 0.90 percent in December '07 to 1.30 percent 12 months later, according to First American CoreLogic, "the largest provider of real estate, property and ownership data and advanced analytics for information on foreclosures, delinquencies, median home prices, home price indices, home valuations, sales activity and mortgage loan originations." The firm, which pegged the
number of outstanding foreclosures in the three-city area for December '08 at 5,991, relies on the actual number of active mortgage loans rather than the total number of households in a given area to come up with its data, which it contends provides more accurate results.
On the bright side, foreclosures in
Santa Ana-Anaheim-Irvine in December '08 were lower than the national rate of 1.7 percent. But behind every silver lining there seems to be a cloud these days: the mortgage delinquency rate has increased dramatically in the OC cities, jumping from 2.80 percent in December '07 to 4.80 percent in December '08. The percentage is based on mortgage loans that were 90 days or more delinquent.
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