Residential lenders foreclosed on 662 houses and condominiums in Orange County in October, less than half the July peak and down 37% from September, according to a report in The Orange County Register. The newspaper, quoting ForeclosureRadar.com, said foreclosures have decreased each month since hitting 1,444 in July, though last month's total rose 19% from October 2007. Southern California has been one of the hardest hit areas in terms of home price declines in the U.S. Orange County also served as the headquarters of several subprime lenders. Sean O'Toole, who heads ForeclosureRadar, said it's possible the foreclosure numbers are tapering off because servicers are focusing more on loan modifications than taking over homes.
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