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.