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.
OC Register story shows housing crisis not going away
