The slowdown in Los Angeles foreclosure auctions in June improved home prices and pushed up the sales price median in the county by nearly 5 percent to $335,000 from the June 2009 median price of $320,000.
Foreclosure activity slowed in Los Angeles and in other counties of Southern California, as foreclosure homes made up only about one-third of total house re-sales in June, down sharply from more than 45 percent in June 2009 and far below the record share of 56.7 percent reached in February last year.
The pace of California home auctions also slowed down in June, as the more than 69,000 homes notified of foreclosure filings during the month marked a drop of more than 4 percent compared to filings in May and a stunning drop of nearly 32 percent from the total in June 2009.
For the three-month period ended June, foreclosure postings in California also declined by more than 11 percent from the previous period and by more than 24 percent from total postings in the second quarter of 2009. All in all, there were 340,740 foreclosure postings for the six-month period ended June, and 92,324 units of these or 27.1 percent were bank owned units. A significant portion of these were also properties that were repossessed by banks through Los Angeles foreclosure auctions.
Despite substantial declines in foreclosures, California was still among the top four states in foreclosure charts in the country in June and in the first six months of this year in percentages of filings. Plenty of lenders are still taking back California foreclosed homes at auctions, although the percentage of foreclosure sales statewide has been dropping.
The decline in foreclosures and the surge in house sales in June in Southern California are prompting housing analysts to contend that the market in the region is getting stronger. The nearly 24,000 homes that got sold in the region in June indicate that the region is still a very attractive residential market for buyers of new homes or pre-owned homes and those buying through Los Angeles foreclosure auctions.
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