Orange County is famous for its tourism. It’s the home of such attractions as Disneyland and Knott’s Berry Farm, as well as several beaches along more than 40 miles (64 km) of coastline. The county is in Southern California and its county seat is Santa Ana.
It is also recognized for its nationally known centers of religious worship, such as Crystal Cathedral, Saddleback Church, Calvary Chapel, and the Newport Beach California Temple. It is known for its affluence and political conservatism.
Orange County is well known for its high end residential real estate. Luxury homes range from large estates in gate guarded communities in Laguna Niguel, to sweeping Ocean view homes in Laguna Beach, Dana Point or San Clemente, equestrian estates in Laguna Hills and San Juan Capistrano and many more. That makes the county a more marketable for house for sales.
Orange County is also known for its real estate businesses. This area makes up a huge portion of the California foreclosures list. To prevent foreclosure people would often rather go into Orange County short sales. These activities are typical in the area due primarily to massive job losses and a glut of new and existing homes for sale. Today, the main culprit is a correction in local home prices coupled with many highly leveraged, adjustable rate mortgage loans that were made in the past four years.
Foreclosed properties are those that were pulled by creditors because of total disability of the debtor to pay what they owe. A huge slump in the economy curve of caused this situation to happen.
To prevent foreclosure, the mortgaged property is placed on a short sale. Sales then proceed to the creditor as either full or partial payment of debt, depending on the agreement between debtor and creditor. A short sale is basically a situation when the creditor agrees to let the debtor sell the property at a lower price that what is still owed on it.
Buying foreclosed real estate is an alluring idea, particularly in Orange County, California where nearly everyone is scrambling for a deal. With a population of more than 3 million people, Orange County has a gigantic foreclosure market that is larger than 20 U.S. states
Investors in Orange County shorts sales have 34 cities to choose from – including the affluent areas of Newport Beach, Costa Mesa, Laguna Nigel, Irvine and Anaheim to the working class neighborhoods in Buena Park, Garden Grove, Westminster and La Habra.
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