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Tuesday, Nov 28, 2023

Home Foreclosure Rates Continue Decline

Home foreclosures continued to drop last month in Southern California, with rates in the greater Valley varying widely, according to a report released on Thursday. There were 7,733 foreclosures in the six-county region, down about 55 percent from the same month last year, according to RealtyTrac, an Irvine real estate data firm. On a month-to-month basis, the rate fell about 5 percent since November. In Los Angeles County, one of every 1,068 homes was in foreclosure during the month. In the greater Valley, Lancaster was the worst performing city, with foreclosures in one of every 349 homes. Palmdale continued to perform poorly as well, with foreclosures in one of every 405 homes. “Millions of homeowners are still living in the shadow of the massive foreclosure crisis that the country experienced over the past eight years since the housing price bubble burst,” said Daren Blomquist, vice president at RealtyTrac. “But the shadow cast by the foreclosure crisis is shrinking as fewer distressed properties enter foreclosure and properties already in foreclosure are poised to exit in greater numbers.” Other Valley communities with high foreclosure rates include San Fernando, with one of every 562 homes; Sylmar, with one of every 626 homes; and Pacoima, with one of every 647 homes. Among Valley communities with few foreclosures were La Canada-Flintridge, with one of every 2,395 homes; Sherman Oaks, with one of every 1,994; and Burbank, with one of every 1,852. The six-county region includes Ventura and San Bernardino counties and all areas south.

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