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Foreclosures in California at Five-Year Low

The worst of the foreclosure crisis is over, some experts believe

According to the real estate firm DataQuick, the number of California homes facing foreclosure has fallen to the lowest level since mid-2007. Factors contributing to the decline include, “gradual burning off of the most egregious mortgages originated from 2005 through 2007, and the growing use of short sales…”

Foreclosures in Los Angeles County were 6% lower than this same period last year. Altadena currently has 89 homes in the pre-forclosure process. Looking at some of the nearby cities as a basis for camparison, La Crescenta has 51 in pre-forclosure, Monrovia, 67; and Sierra Madre 11.

The median price of a home in the Southland rose to $300,000, a 5% increase, year over year. The median price of a single family home in Altadena is $375,000; however this is 16% lower the same period last year. 

Angela Odom July 25, 2012 at 01:38 AM
This is good news. Some of the empty homes around me are filling in and that's a good sign of a turnaround. I am still seeing a few house here on Zillow in foreclosure but not as many as a couple of years ago and for that, I'm grateful.
not Carl Peterson lll July 25, 2012 at 06:05 AM
You can now access the multiple listing service without being a realtor. The amount of homes for sale in Altadena/Pasadena has been decreasing. The large percentage of pending sales, especialy in the under $400,000 area would normally start increasing prices. Right now it looks like about 365 single family houses in Alt/Pas are listed, and a large amount are pending. I think I remember over 1,000 houses listings on average in the early ninties. Many cross-currents abound. Such as the shadow inventory of upsidedown mortdgages. And then of course you have the eventual dollar colapse, financial armageddon, greatest political turmoil in over one hundred years, gold going to $25,000 per ounce, agenda 21 showdown, colapse of the global warming fraud, and ... oh am I off track? Well, regardless, be prepaired......The greatest generation went through the great depression as children. they grew up to save the world in world war two. They set America on track to lead the world. We have become spoiled, and plundered it. History repeats. Will we be up to what may come ? O.K. enough. I better go do my trail running now.............

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