August 13, 2007

Camile St in Santa Ana - A Warning Bell of Things to Come?

An article came out yesterday in the OC Register titled “One Street’s Subprime Struggle.”  Camile Street in Santa Ana is plagued with multiple foreclosures and forced sales at a loss.  The article questions whether this is a warning bell for other neighborhoods.

“A Register analysis of federal housing data pinpointed West Camile Street as a center of the subprime borrowing binge. In 2005, 75 percent of the home loans in the surrounding census tract were subprime.

That’s the highest concentration of subprime loans in Orange County and one of the densest in California. More than 200 neighborhoods in California, particularly in south Los Angeles and the Inland Empire, were similarly dependent on subprime lending. So were at least three dozen counties in other states.

For these places the story of Camile Street is a warning of things to come.”

[Read the full article here]

Courtesy: ROSE PALMISANO, THE ORANGE COUNTY REGISTER

Houses currently for sale on W Camile St:

2 bed/1 bath; 1,011 sq ft; $420,000; on the market for 150 days; 937 W Camile St, Santa Ana 92703

2 bed/1 bath; 910 sq ft; $475,000; on the market for 196 days; 1011 W Camile St, Santa Ana 92703

3 bed/1 bath; 1,099 sq ft; $655,000; on the market for 142 days; 1033 W Camile St, Santa Ana 92703

3 bed/2 bath; 1,500 sq ft; $539,899; on the market for 138 days; 1046 Camile St, Santa Ana 92703