Feb. foreclosures up 60 percent over year before, … so what
The overall U.S. foreclosure rate last month was one filing for every 557 homes. A total of 223,651 homes across the nation received at least one notice from lenders last month related to overdue payments, up 59.8 percent from 139,922 a year earlier. Nearly half of the homes on the most recent list had slipped into default for the first time.
In California, our state had the second-highest foreclosure rate, with one in every 242 households receiving a foreclosure-related notice with a total of 53,629 properties in default. This figure represents an increase of 131 percent from a year earlier, but a decline of 6 percent from the previous month.
In addition, the number of foreclosed properties that didn’t sell at auction and ended up going back to lenders soared more than 110 percent last month versus February 2007. Overall last month, some 46,508 properties were repossessed by lenders, up from 22,114 a year earlier.
In Los Angeles County, some 215 homes went back to the banks in February 2007, compared with 1,670 last month.
So what does all this really mean? Nothing, because the real estate is bought and sold locally block-by-block and neighborhood-by-neighborhood.
The only important information is what is happening in your city, not the national or state wide numbers that are inflated due to the large majority of speculators that drove up the prices in areas of the country that did not actually have a real demand.
It you look at what caused the problem; it should become e obvious that this is a natural market correction that may not even affect your neighborhood depending on where you live.
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About the Author
Greg M. Ingerson, Attorney At Law & Real Estate Broker, is a real estate Broker with LA Home Search in Los Angeles, California. To learn more about the Los Angeles Real Estate Market, please visit http://www.LAHomeSearch.com
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