“Banks have seized homes in Orange County at a pace that dwarfs the darkest days of the housing downturn in the 1990s. Yet eager buyers have grabbed those properties, keeping the county’s foreclosure inventory in check, according to a special report from MDA DataQuick. Some economists see a second wave of foreclosures coming. The onslaught will test the depths of buyer demand. According to DataQuick, banks took possession of roughly 7,000 houses and condos from July 2008 to January 2009, but buyers have taken an equal amount off the market. That equates to 1,000 foreclosures selling per month. (Check foreclosures in Orange County ZIP code HERE.)”