July 5, 2008
Property Shark’s Q2 Foreclosure Report: Part 2
My last post looked at the overall outlook for LA in terms of foreclosures, courtesy of Property Shark’s 2nd Quarter report. The news does not look good.
- The number of newly-scheduled trustee sales in Los Angeles County surged 63% this quarter when compared to the first quarter of 2008 and 282% compared to the same quarter in 2007, setting a new record with 14,505 new trustee sales.
But a deeper read of the report shows what we have all heard before - most of that damage is still coming from outlying areas like Palmdale and Lancaster. The top 5 zip codes in terms of foreclosures were:
- 93550 (Palmdale) with 565 new trustee sales and $265, 262 the average owed.
- 93535 (Lancaster) with 514 new trustee sales and $249,078 the average owed.
- 91342 (LA - Sylmar in the SF Valley) with 295 new trustee sales and $390, 054 the average owed.
- 93534 (Lancaster) with 277 new trustee sales and $239,203 the average owed.
- 93551 (Palmdale) with 265 new trustee sales and $360,768 the average owed.
So while I’m not saying it’s rosy days ahead for the real estate market, I’m standing by my personal opinion that the drops are almost at bottom in certain desirable areas. For brave and financially-stable buyers, the coming months are going to offer some good deals for those who are buying within their means and plan on staying put for awhile.
Anon said:
I disagree. I’m renting now (used to own a home for 11 years). House prices have a long way (down) to go. We’ll be near the bottom when we reach 2001ish price levels. We seem to be approaching 2003-2004 prices now. I’m betting this year and next will not be any better. 2010 will be the time to think about buying. BTW, this will not be a “V” or even “U” shaped recovery. Prices won’t “recover” or get back to 2006 levels for much more than a decade.
July 8, 2008 12:54 PM