Hollywood Foreclosures haven't been as plentiful in the last year as say... Echo Park foreclosures, or Miami homes at a bargain price. There is a perception that many buyers have that there are many bank owned Los Angeles homes to be found, and that's true... with an asterisk.
In certain neighborhoods where there was a preponderance of Ninja loans (No Income No Job Approved) and the fallout is a rise in defaults, a noticeable array of foreclosed properties, and yet anticipation with what many are calling a shadow inventory yet to hit the market.
Noticeable in many areas I've toured in the last few months are homes that appear distressed, perhaps even vacant. Noticed more by the buyers I've been looking for Hollywood Foreclosures with... The shadow inventory has been rumored to be "out there" - a pool of bank owned Los Angeles homes that are being held until such time as the asset managers see a more favorable market to get more return on sale. While there are many respected voices in the community who believe this, it is the two stories in the news today that lead me to believe that we are going to see more Hollywood Foreclosures in the near future.
CNN reported that during the first three months of this year, one in ten homeowners was behind on their mortgage. That puts the rate a smidgen above what it was a year ago, not quite the green shoots of recovery that had been hoped for in the home market. While that news is off putting, there was simultnaeously a report from the government that new home construction is up 41% from one year ago.... truly a real estate market that can't make up its' mind.
One way to stay on top of the next perfect property in your search may be Hollywood Daily Homes and the video survey of the real estate in Hollywood Hills West and East, Hollywood and West Hollywood. Another way is to find the Hollywood Hills Realtor that can deliver what you're looking for.
A geotechnical company that is currently working a small project on Mulholland Drive and is involved with grading large tracts has accepted a contract to help the developers of a 140 acre parcel in Bel Air. Projects like these do portend a bright future and yet in the last two quarter of this year there still may be a chance for an unexpected bounty of Hollywood Foreclosures.
Going Up?
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