L.A. Sees Mixed July Foreclosure Data

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Default Research Inc. said Tuesday that filings of defaults and other pre-foreclosure notices a gauge of foreclosure activity jumped 120 percent in July from a year ago in Southern California, lead by Los Angeles and Riverside counties.

However, on a positive note, the company said that on a month-to-month basis, notices of default and notices of trustee sales in the five county region are down approximately 8 percent in July.

“An improvement of over 8 percent in Southern California is welcome news and hopefully the start of an upward trend,” said Serdar Bankaci, founder of the Mount Pleasant, Penn.-based housing data research firm in a statement.

L.A. County had 12,609 unique pre-foreclosure filings in July. It’s the first time the 12-month total for the county topped 100,000. (A unique filing represents a single property since each property can have more than one filing.) Hardest hit cities are Los Angeles with 2,433 filings; Lancaster with 951; Palmdale with 934; Long Beach with 591; Santa Clarita with 334; Pomona with 306; and Whittier with 263.

Pre-foreclosure filings are notices of loan defaults and notices of trustee sales. During the period prior to a formal foreclosure notice, the owner can attempt to sell or otherwise settle the debt themselves.

Default Research operates a Web site that provides potential buyers of distressed properties with early access to potential leads, including notices of default filed in court houses around the country.

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