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Housing Foreclosure Data for Orange County, California

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The State of Foreclosure in Orange County

Orange County, California is one of the hottest markets in the country. With government-mandated forbearance coming to an end, more than 1.2 million mortgages are now coming due. This makes the future of foreclosures in the country unpredictable.

In fact, the data from ATTOM reveals that there is an upwards trend towards foreclosures. For example, Notice of Defaults in Orange County have been trending upward, along with the overall cost of homes in the OC.

This has also outpriced many average income earners in Orange County, who earn about $137,000 per year, potentially leading to even more home foreclosures as the economy took a hit with the pandemic.

Map data ©2021 Google, INEGI

Must-Knows About the Orange County, CA Foreclosure Market

ATTOM’s property data provides key insights into foreclosure statistics in Orange County’s current housing market. The data reveals a distinct uptick in Notice of Defaults, Notice of Trustee’s Sales, Real Estate Owned properties that have been repossessed, and the overall number of Foreclosure Filings. Rising home prices along with wage disparity are likely contributing to this increase, which shows no signs of slowing down.

Overview of Orange County, California Foreclosures

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Population vs. Housing Units

The population of Orange County is 3,168,044, one of the highest in the country, with roughly 1,100,449 housing units. Cities within Orange County include Anaheim, Irvine, Santa Ana, and Laguna Beach.

New Borrowers

Wages

Home prices in Orange County have increased rapidly in the past decade, and wage increases are equally increasing but perhaps not at fast enough rates. The average household income in Orange County is $95,934, while in 2015 that was $90,234.

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Prices

Conversely, median home prices have been a bit more unpredictable. In 2015, the average home price was $629,500. In 2021, that number has increased to $900,000, making for a more than $250,000 price increase in the same period.

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Affordability

The existing housing affordability index shows us that housing in Orange County is becoming one of the least affordable in the country, and is currently ranked as the second-worst in the nation.

Couple increased home pricing with historic job losses due to COVID-19, and it’s easy to understand the upward trend in foreclosures.

For a complete report on Orange County, California foreclosure data, keep up with ATTOM’s data insights.

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