Prices of residential properties, including government foreclosure homes, were lowered further by sellers as the U.S. housing market tries to cope with heavy inventories. According to analysts, the market is set for a difficult 2011.
The city council has finally passed an ordinance to ensure the maintenance of Los Angeles bank owned homes. Currently, an estimated 100,000 distressed homes need to be taken care of by banks.
The role of banks in preventing the surge of Los Angeles bank owned homes will be tracked by the city so it can reward banks that are making reinvestments in the community with its estimated $30 billion account.
A nonprofit study has recently revealed that a big percentage of foreclosed properties under house auctions for sale in California are owned by Latin American and Hispanic households.
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