Nightmare on Foreclosure Street

Real estate has faced an unkind market over the past year and a half. The number of foreclosures in 1991 is more than double that in 1990. This year is even worse; foreclosures for the first five months of this year are on a pace to eclipse last year’s.

Tough All Over

While Orange County’s foreclosures are at record levels, the area is faring better than the rest of Southern California except for Ventura County.

FORECLOSURES:

1991: 1,584

1992*: 1,059 VALUES: (IN MILLIONS)

1991: $491.0

1992*: $408.0

* Figures through May

NUMBER OF FORECLOSURES

County 1988 1989 1990 1991 1992* Los Angeles 4,359 2,607 2,385 6,517 4,388 San Bernardino 2,792 1,984 1,392 2,480 1,617 Riverside 2,158 1,302 1,054 2,187 1,563 San Diego 1,828 1,166 1,016 1,963 1,341 Orange 848 365 596 1,584 1,059 Ventura 167 57 215 585 394

VALUE OF FORECLOSURES (In Millions)

County 1988 1989 1990 1991 1992* Los Angeles $667.4 $437.4 $491.2 $1,987.2 $1,238.1 San Diego 288.7 210.9 240.9 652.4 408.6 Riverside 235.1 200.9 140.0 393.8 338.8 San Bernardino 220.5 215.5 194.9 383.5 285.5 Orange 171.8 155.3 206.4 491.0 408.0 Ventura 27.8 20.6 23.7 228.4 273.0

* Figures through May

Source: TRW REDI Property Data