Just over one in four existing homes sold in Orange County last month had been through foreclosure some time in the past year, according to MDA DataQuick. According to a report in The Orange County Register, it's the smallest percentage of total home resales in 18 months. It's believed that most of the homes (685) were repossessed houses and condos being resold as real estate-owned (REO) by banks and other lenders. Others may be homes being resold by investors who picked up the homes at foreclosure auctions. Previously foreclosed homes have accounted for a dwindling share of Orange County home sales since January, when almost one out of every two homes sold had been through foreclosure, DataQuick figures show.
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