Foreclosures Still Going Up in Los Angeles

We’ve got to get rid of Palmdale – just let it have its own county. It’s killing LA’s foreclosure numbers. Property Shark’s July foreclosure report is out, and continuing a trend, it’s not pretty. Foreclosures are up 249% from the same time last year. As the chart to the right shows, that’s alot—5,982 newly-scheduled trustee sales to be exact. But as the bottom chart shows, the greatest number of defaults are still in the outlying areas like Palmdale and Lancaster. Some of the other zips, like the 90044 are lower-income areas (this one is Inglewood). Some other key findings in the report:

• One in every 526 LA County homes scheduled in July — In Los Angeles, one in every 526 homes was scheduled for a first time foreclosure auction in July 2008. In comparison, New York City registers one in every 10,000 homes scheduled for foreclosure auction.
• Lien amount exceeds $2 billion for new LA County foreclosures in July —This is the first month during the last two years in which the total aggregate lien amount from new LA County foreclosures has exceeded $2 billion. In Los Angeles County, the sum of the aggregate lien amounts for properties scheduled for trustee sales in July 2008 was $2,249,303,843.