Los Angeles Foreclosures Doing Better Than Most California Cities

2008-09-21 Word Count: 299 Category: Finance

The first part of this year brought about a record of Los Angeles foreclosures hitting an all time high of over 32,000. This brought an end to the third quarter of 2007 showing the country how the real estate market is moving in a downward spiral.

The amount of Los Angeles foreclosures through this 2008 real estate year are even higher than previous to the past two years. The last time high numbers like this were seen for foreclosed homes in this area was back in 1996 with a record high of over 15,000.

Homes are depreciating rapidly and more homeowners are finding themselves in foreclosure and without a place to call home. Those who are not in default are realizing how badly their home has depreciated in the past two years making it almost not worth the amount paid for it.

Throughout the state of California, the average price per home dropped considerably. Some homes are almost worth $100,000 less than the purchase price.

Notices of default on Los Angeles foreclosures have reached an all time high as compared to the past fifteen years. That is almost two time as high as the amount felt in 2006 in the same area.

Many of the homeowners facing the foreclosure are just not able to catch up the back payments to keep the property. Almost 50% of homeowners in the area are finding themselves in default on their mortgages and moving toward saving their homes by refinancing or selling the home before the foreclosure is complete and their credit is affected.
Los Angeles seems to be doing a bit better than other California areas with a lower amount of defaults listed. Southern California is the most affected by the slump in the real estate market today.

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Joseph Smith has over 15 years experience in working with online websites dealing with Los Angeles foreclosures and foreclosed homes in the surrounding areas. He has assisted many in dealing with and purchasing these types of homes.