Extended Stay Inc. – which has 10 hotels located in Orange County – has filed for bankruptcy protection. The hotels are staying open and welcoming guests as usual even as they deal with their financial situation. In a press release they stated “for hotel guests, the story is the same: the same
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06/21/2009
Professors at Chapman University have release their semi-annual Orange County forecast. The median income of family in Orange County is $78,500 for 2009, so in order for a homebuyer in O.C. to purchase a median-priced home they would need to allocate 27.4$ of income. By the third quarter of 2010
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06/21/2009
For the month of May the banks seized 591 houses and condos in Orange County which is a 22.6% increase from April but at 47.7% decrease from May of 2008. As the chart shows, foreclosures begin to fall after a state law was enacted in September requiring lenders to talk to borrowers about methods
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06/17/2009
The median price of O.C. homes rose in the month of May. Aided by the slight decrease in the sale of foreclosed and a slight increase in the sale of higher priced home. Half of all the existing houses and condos sold in Orange County in May were foreclosed homes. When foreclosure re-sales were i
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06/17/2009
The median price of O.C. homes rose in the month of May. Aided by the slight decrease in the sale of foreclosed and a slight increase in the sale of higher priced home. Half of all the existing houses and condos sold in Orange County in May were foreclosed homes. When foreclosure re-sales were
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06/17/2009
At the current pace of the home buying market in Orange County it would take 7.3 months to sell all the homes that were up for sale in the month of April. There were 10,363 homes listed for sale at the end of April, which is the lowest number of listings since March of 2006. April also marked t
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06/17/2009
Q. I currently have a 1st mortgage of $346,955 with 5.125% and 11.5 years left on its 15 years. My second mortgage is $182,403 at 2.9% (but the rate varies). Due to salary cuts in my family we are currently only paying interest-only on the second mortgage. To help with our current cash flow iss
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06/17/2009
The amount of money that Southern California residents are paying for heat and electricity is dropping at the fastest rate in 13 years! Household energy costs in Orange County fell at a 17.9% in April; it was the biggest decline since June 1996. Gas was down 44% and electricity was down 3%. Ov
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06/17/2009
The Federal Deposit Insurance Corp. issued two cease-and-desist orders to banks based in Orange County. The FDIC and a state regulator issued the orders against Plaza Bank of Irvine and Independence Bank in Newport Beach. Both banks are small banks that focus on businesses. The cease-and-desi
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06/17/2009
Governor Arnold Schwarzenegger signed a 90-day foreclosure moratorium in February, which ends on the first of June. The moratorium allowed many lenders to offload mortgages through short sales but it didn’t decrease the number of borrowers going into default during this period. The question rem
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06/16/2009
