July 27, 2009

OC Register story shows housing crisis not going away

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In a great read from the front page of this morning’s Orange County Register, here is part one of a two-part story on how OC’s “REO King” (REO is industry a jargon for a foreclosed house) has become the number one real estate broker in Orange County, Calif. Foreclosures mean decreased home values, and decreased home values create more “underwater” homes —  dwellings that are worth less than what is owed on them.  Apparently the fed’s “stimulus” is not working in Orange County.

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