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O.C. BUSINESS PLUS | ORANGE COUNTY BRIEFLY

Foreclosures in County Fall 21% Over Year-Ago Period

August 09, 2000|Jennifer Oldham

Strong home sales and escalating home prices pushed foreclosures in California to an eight-year low in the second quarter, with one of the largest declines occurring in Orange County.

The state's lenders initiated foreclosure proceedings on 21,440 homeowners from April to June this year, down 16% from 25,407 for the second quarter a year ago, according to DataQuick Information Systems, a La Jolla-based real estate information service. Last quarter's number was the lowest since foreclosure proceedings were started against 18,806 homeowners in the first quarter of 1992, DataQuick reported.

The all-time high for foreclosures was during the last recession in the first quarter of 1996, when 44,665 homes went into foreclosure, the service said. Foreclosures usually occur when a homeowner owes more on a home than it could be sold for. But with prices going up and a booming seller's market, fewer homeowners are finding themselves in that situation.

In Orange County, 998 homes went into foreclosure during the quarter, down 21% from 1,260 a year ago. Foreclosure proceedings were started on 5,970 homes in Los Angeles County during the second quarter, down 16% from 7,116 during the same period in 1999.

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