Foreclosures on homes rose 22% in Orange County in September versus August, according to RealtyTrac in Irvine.
Last month, 259 homes entered some stage of foreclosure, according to Realty Trac. That amounts to one foreclosure for every 3,743 households. The ratio is lower than state and national averages.
Los Angeles County saw a 4.9% increase, marking the second consecutive month of higher foreclosures.
James Saccacio, chief executive of RealtyTrac, said in a statement, “Given some of the market conditions that may affect the California homeowner more than homeowners in some other states,such as the increasing interest rates on adjustable rate mortgages,it will be interesting to see if the foreclosure rates continue to escalate in the coming months.”
In related news, the median price of a house sold in Orange County dropped 1% in September versus August to $708,840, the California Association of Realtors said Tuesday. The median excludes condominiums.
The median was up 11.9% from a year ago.
Sales followed the trend, with an 11.8% drop month-to-month but an 19.2% increase versus a year ago.
Statewide, the median dropped 4.4% month-to-month, and increased 17.3% from September 2004.
