A large number of residential units were bought through foreclosure home auction in Los Angeles County in the first quarter, based on home sales data from a research firm.
With 10,823 short sale and foreclosure homes in Los Angeles County sold in the first quarter, the county posted the most number of foreclosures sold in California during the quarter and accounted for 18.09 percent of the nearly 60,000 distressed homes sold statewide during the quarter.
Despite posting the biggest number, the county slowed down in its foreclosure sales, as the first-quarter total marked a plunge of 41 percent from the first quarter in 2009 and a decrease of 22 percent from the preceding quarter.
Riverside County was second with 7,147 foreclosed homes sold and San Bernardino was third with 5,666 distressed and foreclosed homes sold. All buyers that took advantage of California foreclosure auctions, short sales and repossession sales from January to March got 37.83 percent in average price discount, including those that bought through home auction in Los Angeles County.
Price discounts, however, had variations among counties, with many counties posting average prices much lower than the statewide average sales price of $246,272, but higher than the nationwide average sales price of $171,971.
There were more opportunities for any investor to buy foreclosure auction for the period from January to March as more than 86,000 homes were posted for trustee sale and more than 83,000 were notified of default during the quarter. Additionally, more than 46,000 units were repossessed by banks, comprising 21.48 percent of all foreclosure filings in the state and accounting for 18 percent of all lender owned homes nationwide during the quarter.
Housing and mortgage analysts said that many lenders stepped up the completion of foreclosures in the first months of the year while slowing down on filing new cases. This factor contributed to the large number of units that entered home auction in Los Angeles County in the first quarter.
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