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HOUSING NEEDS <br />HOUSING PRESERVATION <br />With the downturn in the California economy and collapse of the housing <br />market, foreclosures have become a critical policy issue. Volumes of research have <br />documented the extensive causes of the foreclosure crisis, including the <br />proliferation of adjustable rate mortgages in the 2000s, the reduction in income <br />and down payment required by financial institutions, subprime lending issues, <br />and historically low interest rates that artificially increased housing prices. Table <br />A -11 summarizes foreclosures in Santa Ana for 2008 through 2012. <br />The City of Santa Ana had nearly 5,661 foreclosures over the past five years. The <br />number of foreclosures has decreased and is expected to remain low over the next <br />several years. <br />Table A -11 <br />Foreclosures in Santa Ana, 2008 -2012 <br />Source: DataQuick, 2013. <br />The City Council passed a resolution in 2007 declaring their commitment to <br />proactively seek ways to preserve homeownership. To facilitate that effort, Santa <br />Ana helped form the Orange County Home Preservation Collaborative to reach <br />out to homeowners, improve the availability of counseling for those at risk of <br />losing their homes, secure financing options, and pursue other solutions. In 2008, <br />the City also applied for and received a $5.8 million grant from the federal <br />government to address the impacts of the foreclosures in Santa Ana. Other efforts <br />are underway to further stem the tide of foreclosures anticipated to affect Santa <br />Ana as additional adjustable rate mortgages reset in 2010 -2011. <br />JA& <br />CITY OF SANTA ANA GENERAL PLAN HOUSING ELEMENT A -37 <br />2008 <br />2009 2010 <br />2011 <br />2012 <br />Condos <br />832 <br />505 <br />388 <br />311 <br />176 <br />Single Family <br />Residential <br />1,377 <br />797 <br />537 <br />463 <br />275 <br />Total <br />2,209 <br />1,302 <br />925 <br />774 <br />451 <br />Source: DataQuick, 2013. <br />The City Council passed a resolution in 2007 declaring their commitment to <br />proactively seek ways to preserve homeownership. To facilitate that effort, Santa <br />Ana helped form the Orange County Home Preservation Collaborative to reach <br />out to homeowners, improve the availability of counseling for those at risk of <br />losing their homes, secure financing options, and pursue other solutions. In 2008, <br />the City also applied for and received a $5.8 million grant from the federal <br />government to address the impacts of the foreclosures in Santa Ana. Other efforts <br />are underway to further stem the tide of foreclosures anticipated to affect Santa <br />Ana as additional adjustable rate mortgages reset in 2010 -2011. <br />JA& <br />CITY OF SANTA ANA GENERAL PLAN HOUSING ELEMENT A -37 <br />