Sub-Prime Saga Continues in Santa Ana: Myrtle Street
A couple of months ago, I was posting about sub-prime issues in Santa Ana, specifically Camile Street (Camile St in Santa Ana — A Warning Bell of Things to Come? and Hope for Santa Ana?). Well, I’m back with the same story, this time only it’s a block north on Myrtle Street.
It seems that this street has also had its fair share of the woes of sub-prime lending. In September there were a few foreclosures on the 900 and 1000 blocks. Down the street on the 1700 block, a foreclosure was avoided with a short sale. Currently, there’s a probate sale (sale from death of owner) on the 1000 block. Doesn’t sound like a “lucky” street to me.
Zip code 92703 in Santa Ana leaves some to be desired in its community offerings. The median income is $45,206, compared to $51,477 in Orange and $54,956 in Tustin. Median income may/may not be a big deal to people, but what about crime? Overall, 92703 is below the national average (a crime index at 89, with 100 being the national average). However, the murder rate is at an index of 254 (with the national average at 100, this is two and half times the risk of murder). Let’s talk a little less broad, back to Myrtle Street. There’s actually a gang called the “Myrtle Street Gang”. In a StreetGangs.com article about the latest conviction of a member of the Myrtle Street Gang, it states,
“According to court records, the gang controlled an area between the 1900 and 2200 blocks of West Myrtle Street in Santa Ana, using violence and intimidation to protect its turf. Drug dealers were required to pay a tax to sell narcotics in the gang’s territory. The gang, in turn, would pay the Mexican Mafia a tax for narcotics sales by its members.”
So, I guess it doesn’t surprise me that the real estate market on this street is not booming. Not too many buyers would go running to where there’s just been a gang bust.
A bit of a downer, but it’s reality. Here are those stats on the homes that went through a foreclosure or saw a short sale:
2 bed/1 bath home; 1,176 sq ft
Sold for: $485,323; Sold date: 9/25/07
Details: Foreclosure. Last sale was $560,000 on 7/25/06. Built in 1924.
2 bed/1 bath home; 842 sq ft
Sold for: $369,000; Sold date: 9/26/07
Details: Foreclosure. Last sale was $575,000 on 9/22/06. Built in 1923.
3 bed/2 bath home; 1,498 sq ft
Sold for: $540,091; Sold date: 8/28/07
Details: Short sale. Last sale was $620,000 on 11/30/05. Built in 1962.
