Foreclosures Up Nearly 73% But Rate Slows : Housing: Previous rates were 96% in 1992, 165% in 1991. Laguna Hills had largest percentage increase, followed by Tustin.
The number of foreclosures on Orange County homes and business properties jumped nearly 73% last year as the local housing market continued to struggle.
The 1993 figures from TRW Redi Property Data, a real estate research company based in Riverside, included a positive note, though: Local foreclosures rose at a slower rate than in 1992, which saw an increase of 96%, and in 1991, which had a whopping 165% rise.
The actual number of local foreclosures has increased each year since 1988.
“The fact that the rate of increase has slowed is a signal that we’ve got less of a problem,” said Nima Nattagh, an analyst with TRW in Costa Mesa. “But obviously, foreclosures are still going up, and this will put pressure on home prices.”
Nattagh noted that foreclosure numbers are a lagging indicator, typically highlighting the difficulties that property owners were having six months earlier.
Orange County had 5,375 foreclosures in 1993, compared to 3,109 in 1992. More than 85% of last year’s foreclosures were residential properties, TRW figures showed.
Laguna Hills, with 178 foreclosures reported, had the largest percentage increase. The previous year, the area had only 82 foreclosures. Tustin has the second-highest rate of increase, with 176 foreclosures in 1993, compared to 82 for 1992, TRW said.
“I think Laguna Hills and Tustin both had rapid development during the past six years, so there is a greater number of people there who bought at the height of the market, stretching themselves too thin,” Nattagh said.
San Clemente had the highest ratio of foreclosures compared to new loans: 396 foreclosures, compared to 764 new mortgages. Santa Ana had the second highest, with 720 foreclosures compared to 1,873 new loans.
More Foreclosures
Nearly every city in Orange County registered more residential and commercial foreclosures last year than in 1992. The only city in which there was no increase, Stanton, had the same number. The largest increase: 117% in Laguna Hills. Here is the comparison:
Percentage City or area 1992 1993 increase Anaheim 163 304 86.5 Anaheim Hills 84 171 103.6 Brea 28 34 21.4 Buena Park 76 148 94.7 Costa Mesa 89 156 75.3 Cypress 47 71 51.1 Dana Point 73 119 63.0 El Toro-Lake Forest 167 285 70.7 Fountain Valley 51 100 96.1 Fullerton 124 203 63.7 Garden Grove 134 280 109.0 Huntington Beach 146 273 87.0 Irvine 125 247 97.6 La Habra 43 80 86.0 Laguna Beach 71 80 12.7 Laguna Hills 82 178 117.1 Laguna Niguel 99 193 94.9 Mission Viejo 65 104 60.0 Newport Beach 112 155 38.4 Orange 129 168 30.2 Placentia 31 60 93.5 San Clemente 237 396 67.1 San Juan Capistrano 133 192 44.4 Santa Ana 373 720 93.0 Stanton 77 77 -- Tustin 82 176 114.6 Westminster 96 161 67.7 Yorba Linda 79 150 89.9 Not Classified 93 94 1.1 Total 3,109 5,375 72.9
Source: TRW Redi Property Data; Researched by DEBORA VRANA / For The Times
