Redfin blogger Susan Brady up in San Francisco posted “At Least You Didn’t Move to Stockton” today. She remarked on the 60 Minutes‘ “House of Cards” segment which highlighted Stockon as the foreclosure capital of America. She went on to talk about San Joaquin County’s record highs in foreclosures and the despair/bargains to be seen in Stockton.
In reading her post, I could think of only one place in Orange County: Santa Ana. According to Jon Lansner’s post today, Santa Ana has the highest share of distressed homes on the market, at 49%. Of the 1,523 homes listed, a whopping 748 are considered distressed properties (foreclosures or short sales). Anaheim and Lake Forest are not far behind Santa Ana at 48% and 45%, respectively. However, Santa Ana is clearly Orange County’s leader in foreclosures and short sales.
Other commentary on the 60 Minutes‘ “House of Cards” can be found on the The Rancid Truth: An Orange County Real Estate Housing Blog and the Inman Blog. Sounds like 60 Minutes is a little behind the times.
Want to see tangible evidence behind all the numbers? Check out these Santa Ana distressed properties:
3 bed/1 bath; 1,014 sq ft house
Listed at: $480,000
Last sale: $610,000 on 1/16/07
3 bed/1 bath; 1,130 sq ft house
Listed at: $319,900
Last sale: $466,070 on 11/29/06
2 bed/1 bath; 825 sq ft house
Listed at: $205,000
Last sale: $505,000 on 10/10/06
2 bed/1.5 bath; 980 sq ft condo
Listed at: $195,000
Last sale: $282,000 on 4/20/05