According to the OC register more than $147 million in due taxes were not paid by the December 10th, 2007 due date.  That is 6.44% of the total $2.28 Billion due versus a year ago the delinquent amount was 4.72% for a total of $99 Million past due. Tax Collector Chriss Street says this is an obvious sign "how stressed the real estate market is."

Other signs of homeowners in trouble: mortgage default notices sent out by lenders to tardy mortgage borrowers and actual foreclosures are also on the rise in Orange County. DataQuick has reported that defaults were up 128% in 2007's first 11 months vs. the previous year; foreclosures soared 568%.

This is just another sign that the housing market in Orange County has further to correct which will create more opportunities for buyers and investors in 2008.