Sunday, November 23, 2008

Santa Ana leads a bittersweet real estate boomlet

Santa Ana, foreclosure, housing, real estate, Angelica Maciel
Mark Boster / Los Angeles Times
Angelica Maciel, who was priced out of the market during the real estate bubble, closed on this Santa Ana bungalow last month. She paid less than $270,000 for the two-bedroom, 910-square-foot house, which previously sold for $504,000 in 2006.
The Orange County city is flooded with cheap foreclosures, giving people previously priced out of the market the opportunity to buy homes that others have been forced to leave.
By Peter Y. Hong
Angelica Maciel used to drive through the oak-shaded streets of Santa Ana wondering if she'd ever be able to buy one of the charming little bungalows she so admired.

But the real estate frenzy had overtaken even this hardscrabble Orange County city, and prices kept going up.

Read here full article. http://www.latimes.com/business/la-fi-santaana18-2008nov18,0,3551566.story

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