March 10, 2008

Foreclosures Take a Dive

When is good news still bad news? When you’re checking out the new February foreclosure data from Property Shark. In its just-released report, it notes that foreclosures have dropped 35% over last month’s numbers (see chart). The problem is, we’re still up a whooping 210% over the same time last year. Wow—Beverly Hills may be holding steady, but the outlands like Palmdale and Lancaster are getting demolished. There are also a significant number of houses in default in the deep valley and around the 210 freeway. And compared to other parts of the country, LA is leading the charge in home loses. February saw 2,527 new foreclosures in the region, while second-place Miami had only 625 and New York had 300, according to the report.