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Thursday, Jun 1, 2023

Home Foreclosures Fall

Home foreclosures continued to drop in Southern California in October, with rates in the greater Valley varying widely, according to a report released Thursday. There were 1,784 foreclosures in the six-county region, down 57 percent from the same month last year, according to data from RealtyTrac, an Irvine real estate data firm. On a month-to-month basis, the rate rose 2 percent since September. In Los Angeles County, one in every 1,018 homes was in foreclosure during the month. In the greater Valley, the bedroom community of West Hills topped the list, with foreclosures in one out of every 339 homes. The Antelope Valley continues to struggle, with one out of every 341 homes in Palmdale and one out of every 354 in Lancaster in foreclosure. Daren Blomquist, vice president at RealtyTrac, said the increasing demand for property is pushing homes to auction quickly. “Lenders are likely moving these properties more rapidly to the public auction given that there is strong demand from institutional buy-to-rent investors,” he said in a statement. Other Valley communities with high foreclosure rates include Santa Clarita, with one in every 510 homes; Sylmar with one in every 521; and Granada Hills with one in every 526. Among Valley communities with few foreclosures were Newbury Park, with one in every 3,100 homes; Studio City, with on in every 2,527; and Valley Village, with one in every 2,316. The six-county region includes Ventura and San Bernardino counties and all areas south.

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