First American CoreLogic has released data showing that Long Beach foreclosed homes figures have declined by a healthy three percent compared with March 2010. The statistics compiled covered the first week of April 2010 until the 7th.
Along with the number of foreclosed homes for sale in California, the number of loan default notices issued to Long Beach homeowners also declined by a hefty six percent. Real estate observers have asserted that both figures are significant indicators of foreclosure activities for the coming months.
In a more detailed breakdown of the statistics, it has been reported that the hardest hit area, the 90805 zip code, recorded a seven percent decrease in foreclosures compared with the previous month. The area also recorded a decrease in the number of bank owned real estate and in loan default notices issued to home owners.
Decreasing numbers of Long Beach foreclosed homes in the 90805 part of the city is seen as indicative of a healthy future for the housing market in the city. This part of the city is expected to have few distressed homes in the coming months and is also projected to play a major role in stabilizing the residential real estate market of the state.
Meanwhile, the 90814 and 90803 zip codes recorded increased foreclosure activities in the same period, albeit slight ones. The former recorded an eight percent rise in foreclosure, while the latter has a five percent increase.
The rise in foreclosures at the two zip codes is believed to be due to the declining market value of high end foreclosed homes for sale in California. These two areas were not hit hard by foreclosure during the worst part of the crisis compared with other counties of Long Beach.
Industry observers are looking at the numbers positively and are predicting that foreclosure activity figures will continue to traverse a downward path for the whole month of April and until the summer period.
The decrease in the number of Long Beach foreclosed homes is being seen as a sign that the city will have a more stabilized residential real estate market in the coming months. Analysts are also optimistic that the positive trend will continue for the rest of the year.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.