Orange County Foreclosures Show Improvement in Many Areas

Foreclosures declined in 68 of the 84 ZIP codes in Orange County, Calif., tracked by MDA DataQuick in the third quarter of this year compared to the same period last year, according to a report in The Orange County Register. Some market watchers say government loan modification programs are the main cause of foreclosure preventions and delays. To put things in perspective, in August 2008 banks seized 1,441 houses and condos from delinquent borrowers - the highest monthly total in the roughly 20 years DataQuick has been keeping track. But foreclosures began falling the next month when California implemented a law requiring banks to try to discuss with borrowers options to avoid foreclosure. Such talks must be held at least 30 days before starting the foreclosure process on loans made during the final years of the housing boom.