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Foreclosures Fall, Bank Repos Rise

Home foreclosures continued to drop in Southern California in May, with rates in the greater Valley varying widely, according to a report released Tuesday. There were 7,363 foreclosures in the six-county region, down nearly 23 percent from the same month last year, according to RealtyTrac, an Irvine real estate data firm. On a month-to-month basis, the rate dropped about 2 percent since April. In Los Angeles County, one in every 1,107 homes was in foreclosure during the month. In the greater Valley, Palmdale topped the list with foreclosures in one out of every 367 homes. The other major Antelope Valley city of Lancaster also continued to struggle, with one out of every 398 homes in foreclosure. Daren Blomquist, vice president at RealtyTrac, noted that bank repossessions are actually up in certain states, including California, rising 26 percent from the same period last year to 12,681. “The increase in bank repossessions in some states with shorter foreclosure timelines like California and Oregon demonstrates there is still some pent-up foreclosure activity in those states,” he said in a statement. Other Valley communities with high foreclosure rates include Santa Clarita, with one in every 566 homes; Pacoima, with one in every 709 homes; and Sylmar with one in every 778. Among Valley communities with few foreclosures were Newbury Park, with one in every 2,217; La Canada-Flintridge, with one in every 1,813 homes; and North Hollywood, with one in every 1,801.

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