Orange County Foreclosure Auction Notices Hit New High in California

Outstanding foreclosure auction notices in Orange County, Calif. — one of the hardest hit housing markets in the state — climbed to 8,895 at the end of September, the highest in this housing downturn and probably the highest ever, according to ForeclosureRadar.com. September's total was up 5% from August and 90% from a year ago. An auction notice, also known as a notice of trustee's sale, is a warning that a home will be offered for sale, usually at a local courthouse. According to The Orange County Register, lender/servicers are facing intense political pressure not to foreclose. The newspaper quoted Sean O'Toole, president and founder of ForeclosureRadar, who said that if foreclosures keep rising politicians might move to stop them, possibly granting bankruptcy judges the power to slash outstanding debt on properties to current market value.