The city of Irvine in Orange County in the state of California is a planned one, primarily developed by Irvine Company. The work started from the 1960’s. Irvine is one of biggest cities in the county. In 2007 it was voted to be The Safest City – a title it has been holding since 2005. Like most of the regions in coastal California, Irvine enjoys a Mediterranean climate with warm summers and cool winters. It hosts many universities and is home to a good number of corporations in the technological sector. The well-planned townships in Irvine came to be termed villages. Each is a well-planned unit – a toast to urban planning.

This very beauty and prosperity may be the reason for the innumerable Irvine foreclosures. The Irvine foreclosures show that this safe haven is following the national trend of spike in foreclosures. Irvine foreclosures have led to a fall in the real estate market. The property value has gone down by 2% in comparison to the previous quarter.

It is hoped that Irvine foreclosures are a temporary phase. The rising number of Irvine foreclosures causing the price to fall will surely attract buyers eager to snap up a deal. Once that ball starts rolling then there might be a decrease in the number of Irvine foreclosures. Irvine foreclosures are offering a good opportunity for those with foresight to move into one of the prime locations of California.

On 20th September 2007 there were 231 Irvine foreclosures and the average price of the units was $424,000. It seems to be a paradise for buyers.

But many experts are of the opinion that since the rock bottom has not been reached Irvine foreclosures will continue to rise before it stabilizes. The very prosperity of the region led to investors scrambling to speculate. The values of houses were inflated and money flowed in through sub-prime mortgages leading to frenetic housing activity. But when the balloon burst the nightmare of Irvine foreclosures began and continues to rule the scene. Increase in numbers of Irvine foreclosures led to many houses lying vacant. The local administration with decrease in revenue collection, became ill equipped to deal with the problems of empty houses that attracted crime, fire and created health problems. Mosquitoes thrived while tall grasses became homes to snakes and frogs. Irvine foreclosures became a curse to a place that was famed for peace and tranquility.

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