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Bank and Government Foreclosures Ranking of Los Angeles Improved

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By : Clark Raitz    99 or more times read
Foreclosure totals in Los Angeles, California, including bank, tax-related and government foreclosures, declined in the second quarter of the current year, leading to an improvement in the regionís national ranking in terms of foreclosed property-related activities. According to housing analysts, the cityís ranking went lower by more than 20 levels when compared with the previous quarter.

Aside from recording fewer Los Angeles tax foreclosures and bank foreclosed properties during the said quarter, the metro regionís loan delinquency rate also improved during the April-June 2010 period compared with the first quarter of the current year. Analysts stated that the housing market of the metro area is definitely improving.

In the first quarter of the current year, Los Angeles was ranked 98th nationwide for foreclosure activities. In the second quarter, it dropped to 124th. The difference is considerable particularly since California and its counties and cities are considered some of the top areas when it comes to foreclosure rates.

Bank and government foreclosures are expected to decline further in the third and fourth quarter of the year as Los Angeles has been able to also lower its delinquency rate. During the January-March 2010 period, the metro region was ranked 64th out of 366 metropolitan areas in the U.S. in terms of mortgage delinquencies. In the April-June 2010 quarter, the city dropped to 68th.

For the second quarter of the current year, 4.6% of mortgages in the city were under foreclosure, while 6.4% were past their due for at least three months. In total, the second quarter gave the metro region an 11% delinquency rate, which is lower than the 11.7% recorded in the 2010 first quarter. Although the difference is minimal, analysts are still optimistic about the outlook for the areaís housing market in the coming months.

According to housing market observers, more foreclosed properties, including Los Angeles tax foreclosures, will come into the market in the coming months, but the foreclosure rate of the city has been showing steady declines every quarter, demonstrating that the residential property industry is starting to stabilize. They stated that if the trend continues, the foreclosure rate of Los Angeles will flatten out and the number of bank and government foreclosures will eventually diminish.
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