Home foreclosures continued to drop in Southern California in April, with rates in the greater Valley continuing to vary. There were 7,521 foreclosures in the six-county region, down nearly 12 percent from the same month last year, according to data released by RealtyTrac, an Irvine real estate data firm. On a month-to-month basis, the rate dropped 11 percent since March. In Los Angeles County, one in every 1,167 homes was in foreclosure during the month. In the greater Valley, Palmdale topped the list, with foreclosures in one out of every 415 homes. The other Antelope Valley city continues to struggle, with one out of every 420 homes in Lancaster in foreclosure. Other Valley communities with high foreclosure rates include Granada Hills, with one in every 512 homes; Sylmar with one in every 530; and Canyon Country with one in every 554. Among Valley communities with few foreclosures were Sherman Oaks, with one in every 2,526 homes; La Canada Flintridge, with one in every 1,813; and Burbank, with one in every 1,775. Despite the overall decrease in foreclosures, bank repossessions – one step of a process that ranges from notices of default to bank sales – are on the rise. In Southern California, repossessions were up 49 percent in April to 1,528, compared to the same month last year. That number is down about 2.5 percent from March. “The rise in bank repossessions in many states is a sign that those markets are working through the final remnants of foreclosures left over from the recent housing crisis,” said RealtyTrac Vice President Daren Blomquist in a statement. The six-county region includes Ventura and San Bernardino counties and all areas south.
