In the coming months, foreclosures are going to dominate every market in Orange County, and affect housing values in every neighborhood.

In the coming months, foreclosures are going to dominate every market in Orange County, and affect housing values in every neighborhood. Throughout the county, there are currently 5954 bank-owned properties, with another 3801 up for auction and 8723 in a state of pre-foreclosure. In Brea alone, there are 91 pre-foreclosures, 34 auctions, and 66 REOs, meaning the number of foreclosed properties is only going to increase over the course of this year.

What does this mean for you? The high number of foreclosures means a large inventory of properties that banks are eager to sell. In Brea, the amount of time it will take to sell this abundance of inventory is 14.9 months. Because of this, banks will accept lower prices than usual in order to clear these properties off their books at a faster rate. In fact, bank repos will always be cheaper than the house next door that is an equity seller. This situation represents a unique opportunity for buyers!