Sweet Orange

In yesterday’s post, I wrote about the Orange County ZIPs that had more foreclosure at this time that the same period one year ago. Today, I am going to highlight the Orange County ZIPs at the other end of the spectrum–OC ZIPs in which the number of foreclosures fell by 60% or more.

They are as follows: 92845 (Garden Grove), 92841 (Garden Grove), 92844 (Garden Grove), 92703 (Santa Ana), 92701 (Santa Ana), 92806 (Anaheim), 92782 (Tustin), 92676 (Silverado). Note that the housing in these ZIPs are mostly at the lower-end of the Orange County housing market.

Also, note these ZIPs that have the largest decrease in foreclosures when compared to last year do not necessarily have the fewest foreclosure. The percentage of distressed properties in these ZIPs, as shown by numbers from Trulia, gives an indication of this (see below).

92845 (Garden Grove)

• Median sold price: $450,000 (however, the average list price is $459,221)
• 29 new and resell homes listed
• 59 distressed properties
• % distressed properties: 67%*

92841 (Garden Grove)

• Median sold price: $360,000 (however, the average list price is $384,205)
• 69 new and resell homes listed
• 204 distressed properties
• % distressed properties: 74.7%*

92844 (Garden Grove)

• Median sold price: $255,000 (however, the average list price is $311,368)
• 56 new and resell homes listed
• 169 distressed properties
• % distressed properties: 75%*

92703 (Santa Ana)

• Median sold price: $235,000 (however, the average list price is $211,449)
• 147 new and resell homes listed
• 411 distressed properties
• % distressed properties: 73.7%*

92701 (Santa Ana)

• Median sold price: $130,000 (however, the average list price is $208,792)
• 148 new and resell homes listed
• 448 distressed properties
• % distressed properties: 75.2%*

92806 (Anaheim)

• Median sold price: $360,100 (however, the average list price is $298,790)
• 74 new and resell homes listed
• 182 distressed properties
• % distressed properties: 71%*

92782 (Tustin Ranch)

• Median sold price: $640,000 (however, the average list price is $807,847)
• 172 new and resell homes listed
• 108 distressed properties
• % distressed properties: 38.6%*

92676 (Silverado)

• Median sold price: $349,000 (however, the average list price is $893,621)
• 29 new and resell homes listed
• 19 distressed properties
• % distressed properties: 39.6%*

*Trulia defines distressed properties as “homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.”

Note: Different groups use different inputs and, therefore, come up with different percentages. For example, in June, Steve Thomas of Altera stated that Irvine had 29.6% distressed homes on the market. However, Trulia numbers at that time showed that Irvine had 41% distressed homes on the market.

Sources:

• “O.C. foreclosures plummeted in spring,” Matthew Padilla
• Trulia

According to an article in The Orange County Register by Matthew Padilla, the percentage of foreclosures increased 50% or more in the following Orange County ZIP codes: 90740 (Seal Beach), 92823 (Brea), 92604 (Irvine-Woodbridge), 92625 (Corona del Mar), 92651 (Laguna Beach), 92629 (Dana Point), 92679 (Trabuco Canyon).

However, this does not mean that these ZIPs have the highest number of foreclosures when compared to the number of homes in each of these Orange County ZIPS–only that they are seeing the biggest increase in the number of foreclosure when compared to the same period one year ago.

According to Trulia, the percentage of home on the market in each of these ZIPs that are distressed sales is as shown below. Trulia defines distressed as “homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.”

90740 (Seal Beach)

• Median sold price: $710,000 (however, the average list price is $406,381)
• 334 new and resell homes listed
• 35 distressed properties
• % distressed properties: 9.5%

92823 (Brea)

• Median sold price: $569,000 (however, the average list price is $742,482)
• 34 new and resell homes listed
• 19 distressed properties
• % distressed properties: 36%

92604 (Irvine, Woodbridge)

• Median sold price: $494,500 (however, the average list price is $580,821)
• 85 new and resell homes listed
• 112 distressed properties
• % distressed properties: 57%

92625 (Corona del Mar)

• Median sold price:$1,260,000 (however, the average list price is $2,781,408)
• 246 new and resell homes listed
• 54 distressed properties
• % distressed properties: 18%

92651 (Laguna Beach)

• Median sold price:$1,100,000 (however, the average list price is $3,746,754)
• 515 new and resell homes listed
• 111 distressed properties
• % distressed properties: 17.7%

92629 (Dana Point)

• Median sold price:$650,000 (however, the average list price is $1,693,055 )
• 299 new and resell homes listed
• 163 distressed properties
• % distressed properties: 35.3%

92679 (Trabuco Canyon, Dove Canyon, Coto de Caza)

• Median sold price:$640,000 (however, the average list price is $1,648,131)
• 324 new and resell homes listed
• 256 distressed properties
• % distressed properties: 44%

While they did not have as large a percentage increase as the ZIPs listed above, the following ZIPS also had an increase in the percentage of foreclosures (1%-49%):

• 90623 (La Palma)
• 92649 (Huntington Beach)
• 92886 (Yorba Linda)
• 92614 (Irvine, Woodbridge)
• 92692 (Mission Viejo)
• 92673 (San Clemente)
• 92672 (San Clemente)

In all  other Orange County ZIPs (those not listed in this post), the percentage of foreclosures decreased when compared to a year ago (June 2008). Again, this does not mean that these ZIPs had the smallest percentage of foreclosure–only the smallest increase from the previous year.

Note: Different groups use different inputs and, therefore, come up with different percentages. For example, in June, Steve Thomas of Altera stated that Irvine had 29.6% distressed homes on the market. However, Trulia numbers at that time showed that Irvine had 41% distressed homes on the market.

Tomorrow: a look at the O.C. ZIPs in which the increase in foreclosures decreased by 60% or more from the previous year. Hint: They are mostly at the lower-end of the market.