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Battling the Foreclosure Crisis in Southern California

Orange County real estate expert offers solution to the housing crisis in Southern California

Orange County, California – WEBWIRE

We are giving power back to the homeowners

When one hears of Orange County, California, they think of pristine coastlines, vibrant sunsets, sprawling succulents, and immaculate, million dollar homes. Orange County is a perfectly temperate and sunny location, booming with lucrative careers, extravagant cars, and gorgeous people. From the dainty, airy beach homes of Newport, to the mountain top mansions of Laguna, this place is simply top notch in the real estate market. Money flows all around you in a place like the “O.C.”. Except, where it doesn’t…
From an outsider’s perspective, Orange County is the last place you would expect to find people with financial woes. With some of the highest annual income earnings in the country, this haven is populated with those who live a life of excess. But if you take a drive inland, just under 10 short miles from the coastline, you come face to face with the harsh realities of the disproportionate wealth distribution. While driving through any neighborhood, you see an all-too-familiar scene, vacant homes.

“Most of the empty homes you see in these middle-income areas were lost to foreclosure,” says Abed Asghar, the founder of Abed Buys Houses, the number one “We Buy Houses Cash” business in Orange County for the last 3 years. “When hard-working families get behind on their mortgage payments, the bank evicts them, takes their home, and never returns the tens of thousands of dollars which the owner has already invested in the property. The home sits empty for months or years, serving no good purpose for the community, and the family is displaced with no financial means to purchase a new one.”
How can it be that so many families in this wealthy area can barely make payments on their homes? Every year, the cost of Orange County homes increases, reaching higher and higher. And amid the mountains and sparkling ocean views, there is no shortage of people who are willing to pay top dollar to own a piece of this “priceless” land.

“Unfortunately, the rising prices of those famed beach front homes means bad news for the average family who is striving to own a home in the O.C.,” says Abed. “When the costs soar on the coast, they soar everywhere else.” And he’s right, the average price tag of a single-family home in Orange County is $695,000. That’s a staggering number compared to $215,000 in the Phoenix-Metropolitan of Arizona, or $350,000 in Austin, Texas.
“There is a common misconception that in order to live in Southern California, especially Orange County, you must come from wealth or be ‘well-off.’ For the majority of O.C. residents, that simply isn’t true,” says Asghar. “This county was built by the working-class individuals and immigrants who came here throughout the early 1900’s, and much of the operation, maintenance, and labor that is conducted to this day, is at the hands of these low to mid-income families. They are the backbone of our society, yet, they can hardly afford a home here.”

“This dilemma isn’t just isolated to the families of Orange County,” says Asghar. “The Inland Empire and much of San Diego are experiencing the same problem.” Last year, Abed and his team at Abed Buys Houses, saved nearly 300 families in all of Southern California from entering foreclosure. Nearly half his clients contacted him directly after searching “sell my house California.” He and his team of real estate experts, offer to buy homes from defaulting owners, and release them of their financial ball and chain. The result? The home owners get to walk away, free and clear, with cash in their pockets. “If we can buy a home from someone before they enter foreclosure, we save them from bankruptcy, bad credit, and oftentimes, a lifetime of financial blackmail.”

As Southern California’s housing market expands further, and home prices continue to rise, residents can rest assured that local Orange County cash buyers, like Abed Buys Houses, are committed to saving homeowners and protecting our communities from further financial distress. “Things are changing in the real estate market,” says Abed, “and we are giving the power back to the owners.”

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