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Los Angeles Home Foreclosures Highest in Southern California

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By : John Cutts    99 or more times read
The number of Los Angeles home foreclosures in January this year was the highest among Southern California foreclosures, based on data from a Bay Area-based real estate research company.

A total of 3,102 homes in Los Angeles County were sold through public auction, higher than the 2,099 foreclosed homes sold in Riverside County. San Bernardino was third, posting a total of 1,663 foreclosures. According to the research firm, most of the foreclosed units were taken back by the lenders.

The firm also reported that the average number of months to complete a foreclosure has increased from 5 months in 2008 to 8 months this year as banks had to comply with federal and state laws that require moratoriums and loan modifications for troubled homeowners.

In another report released by a San Diego firm, total home sales in Los Angeles County and in other Southern California counties in January this year increased compared to total sales in January 2009, but decreased compared to sales in December last year.

Total sales of new and pre-owned homes in the counties of Los Angeles, San Diego, Riverside, San Bernardino, Ventura and Orange reached 15,361 units in January, marking an increase of 0.9 percent from the 15,227 units sold in January 2009 but a decrease of 31.2 percent from the 22,328 units sold in December 2009.

Los Angeles home foreclosures and foreclosed homes in the five other Southern California counties accounted for more than 42 percent of all resales in the region in January, an increase from 39.6 percent in December but a drop from 56.4 percent in January 2009.

Sales of foreclosed properties peaked in Southern California in February 2009 when it hit 56.7 percent of all home resales, then tapered off month over month until they climbed up slightly in December and increased further in January this year. All foreclosure sales in January consisted of homes and condo units that had been repossessed 12 months before.

Total home sales in January this year marked the highest January total since January 2007 when sales reached 18,128 units, but January 2010 sales were still 14.4-percent lower than the January average of 17,938 units since 1988.

Meanwhile, the pace of home foreclosures in California in January this year dropped by 10.8 percent from December 2009 to 71,817 units, including 17,000 repossessed by the banks. Of these distressed properties, Los Angeles home foreclosures have been receiving more attention from the Home Affordable Modification Program as the Los Angeles area has been the second highest in HAMP activity as of January this year, according to the Treasury Department.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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