A Glaring Hike In Foreclosures

The notifications for housing foreclosures and loan defaulters was by found to rise by 10% in June and were 55% higher as compared to the previous years status. Still the rates are pretty much on the lower side in Glendale, Burbank and La Cañada Flintridge than the averages for Los Angeles County and California, as apprehended by RealtyTrac, a company, well known for their real estate consulting.

In one side when one out of every 62 residential dwelling units in the nation went for foreclosure during the first six months of 2009, only a single case in 110 Glendale homes had the same consequence, and this data was also expressed by RealtyTrac.

The rates as compared to other parts of the country were much better in Burbank, where only one in everyone hundred and eleven homes went for foreclosure, and also in La Canada, where one out of every one hundred and forty eight homes faced take over by banks, according to this firm.

Although the total four hundred and twenty two foreclosures of the area and respective default notifications have risen much more than as compared to that in June 2008, which recorded 274 such occurrences. The recent local trends reveals that the valuation of the homes are interestingly much more stable than in other parts of the region, and the same was confirmed both by experts and real estate agents.

As prices did not experience steep drops, in comparison to other areas, local homeowners are likely to have had more flexibility when it came to negotiating with banks, commented Daren Blomquist, who is a representative for RealtyTrac.

Daren Blomquist also noted that, “Usually the markets with the lower foreclosure rates are standing up a little bit better in this environment that we’re in and are holding their values better so that homeowners who are in distress have some more options to avoid foreclosures.”

Home prices are not depreciating locally as much as they have done in other parts of Los Angeles and Orange counties, which experienced massive housing developments artificially built to fill an ambiguous demand that subsequently got fuelled by speculative lending practices, expressed Dan Soderstrom, a well-known real estate agent working for Dilbeck Realtors in Burbank.

Banks now have become much stricter before sanctioning of loans and disbursement’s thereof, but the number of new construction projects in the area is very less as compared to other Southern California communities.

The usual demand for homes remains strong and this is something that has prevented the prices from coming down dramatically, as observed by Soderstrom.

He further emphasized that, “When the wheels came off the market a little bit, that wasn’t as drastic [locally].”

Even the Realtors have noticed about this large jump in foreclosed homes while filling the advertisements in the newspapers for auctions and deep discounts.

However, this comparatively lower rate involving foreclosures has somewhat helped to keep the regional values of residential as well as commercial houses from dropping sharply.

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