The Orange County Register’s Mathew Padilla notes that foreclosures in Orange County — which includes such glamorous spots as Newport Beach and Laguna Beach — are soaring. In fact, it only took the first five months of 2008 to surpass the total number of foreclosures filed during all of 2007. A look at a scary graph that would be good news if it were profits, and not foreclosures: OC foreclosures

For HW readers that have met me, most know that I’m a product of Orange County; Irvine, Calif. to be exact. With most of my immediate family still living there, and my own desire to someday return, I watch the housing market there pretty closely. And while the majority of OC foreclosures are likely in places like Santa Ana and Anaheim, this sort of trending suggests that prices will fall further in the months ahead. Even in places like Newport Beach.

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