High unemployment likely means more foreclosures

Orange County Register
August 19th, 2009, 12:00 pm
By Mathew Padilla

So far this year lenders have foreclosed on 4,858 houses and condos in Orange County. The total is lagging 2008 — in the first seven months of last year foreclosures totaled 6,837, according to MDA DataQuick.

Pent-up pressure on homeowners exploded in 2008 and some banks and servicers may have rushed to move properties before the September 2008 law requiring a conversation with homeowners 30 days before filing a notice of default.

But still, Orange County’s unemployment rate of 9.2% in June (July’s total should be released Friday) suggests much more foreclosures are coming.

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