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unemployment rate compared to the County at 6.2 %. In California, after 17 consecutive months of annual decreases in foreclosures, the state of California experienced an increase of 57 percent (year- over -year) in January 2014 (RealtyTrac). This increase was counter to the national trend. There are currently 726 properties in Santa Ana that are in one of the stages of foreclosure. The zip code 92705, where the proposed addition of census tract 750.04 is located, has the highest foreclosure rate in the City (1 in every 784) — much higher than the City (1 in 1130), the State (1 in every 1047) or Orange County (1 in every 1344). Pre - Foreclosures are up in the City — 2.1% from the prior year and 4.3% from the prior month. Overall, the City of Santa Ana is still higher than the County trend for foreclosure filings. (3) Household Income Characteristics and Housing Cost Burden According to SRC data (Chart 4), in 2008 the median household income in the City's target geography was $48,469, while the City's median was $53,203. In 2009, the four new census tracts were all below the County's median household income and continue to be below the median household income compared to the State and Orange County. Because the City's current residents, and especially its target area's current residents represent a very important pool of potential homebuyers, their comparatively lower incomes represent a significant obstacle to the private market's ability to absorb foreclosed properties. New Census Tract 2009 ACS Median Household Income 2012 At S Median Household Income 750.04 $41,521 $40,000 890.04 $45,721 $51,058 992.02 $68,814 $59,336 992.48 $43,980 $44,576 Orange County $73,738 $75,566) California $60,392 $61,400 Source: ACS 5 -year Estimates (2012, 2009) Chart 4 NSP 2 Substantial Amendment - City of Santa Ana Page 6 29A -8