In another sign of the strong housing market, the number of Orange County homeowners falling into foreclosure declined for the seventh consecutive quarter. Foreclosure proceedings in the second quarter tumbled 30% to 1,703 from 2,463 a year ago, said John Karevoll, an analyst at Acxiom/Dataquick Information Systems, a real estate information firm.
When the streak began during the first three months of 1996, there were 4,486 homes in the process of being foreclosed, more than twice the number now. But with rising prices--the median home price in Orange County is at an all-time high of $236,000--more people can sell their homes, pay off their mortgages and still have something left over.
