Still Plenty of Pre Foreclosed Houses in LA for Investors- By: John Cutts
Investors can still find plenty of lower-priced pre foreclosed houses in Los Angeles, as pre foreclosure activity increased in the area in the second quarter this year.
Based on a report released by a firm focused on pre-foreclosure research, the number of default and foreclosure auction notices climbed up in Los Angeles County to 27,881 filings in the second quarter, up by 14.64 percent from 24,320 postings in the first quarter. Of the 27,881 filings, 60 percent were notices of Los Angeles foreclosure auctions while 40 percent were default notices.
Single-family homes and condos made up around 92 percent of the filings while apartments and other multi-unit properties comprised around three percent. Industrial and commercial properties accounted for the remaining 5 percent. Within the county, foreclosure activity was most persistent in the city of Los Angeles, where 4,986 homes became pre foreclosed houses, accounting for 17.88 percent. Second was Long Beach, which posted a total of 1,266 pre-foreclosure postings. Third and fourth were Lancaster and Palmdale, which posted 1,251 and 1,176 filings, respectively.
In contrast to the trend in Los Angeles County, the pace of California home auctions slowed down. The number of units that became foreclosed properties for sale fell to 45,765 units, down by 1.46 percent from the first quarter, based on a report from another firm. Default notices fell by 15.43 percent from 83,554 in the first quarter to 70,659 in the second quarter. Trustee sale notices dropped to 75,998 in the second quarter, down by 11.9 percent from 86,264 in the previous quarter.
A third research firm also confirmed the slowdown in foreclosures in California when it reported that default notices filed by lenders in the second quarter dropped by nearly 44 percent from the same period last year and by 14 percent from the first quarter this year to a total of 70,051 filings.
Nonetheless, despite the slowdown, the numbers of pre foreclosed houses in Los Angeles County and in other counties and cities of California are still relatively higher than in most other places in the country, making California still a great place for real estate opportunities.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.