Foreclosure Numbers Continue to Climb
More bad news for LA on the foreclosure front: A new report by Property Shark shows that local foreclosures are at a record high, and keep climbing month over month. The number of scheduled foreclosure auctions is 467% higher than April of last year, and newly-scheduled auctions have increased 83% from March to April. In April, there were 4,540 new auctions scheduled – a two year record.
As the chart above shows, it’s still the outlying areas that are being hardest hit, with Palmdale and Lancaster leading the way for the county and Sylmar (91342) and Pacoima (91331) having the most within LA city limits.
From the looks of the average-owed on these places, they were modest purchases by local standards-which paints an even grimmer picture for the average-income earner. These aren’t jumbo-loan defaults of people who bought too much house, but more likely first-time buyers trying to get their stake in a hot market. But then again, maybe they’re just convenient pot houses. Who knows?
