The word 'Foreclosure' has been in the media frequently lately. Headlines all over the news, papers and internet media outlets say that foreclosures are rising at an alarming rate. And that California is one of the leaders in the number of foreclosures in the country. Great news for buyers right? Well it could be depending on which region you would like to live in. Let's focus on the West Los Angeles region, where I work.
The numbers that the media reports are true to some extent, but they fail for the most part to truly educate where these foreclosures are primarily taking place. I get a fair amount of potential buyers at my open houses, here in the West LA region, who talk about and are looking for a foreclosure in the area. These buyers tell me that they are reading and hearing from the media and others that there are many foreclosures in the Los Angeles area. So I would like to share some statistics from some West Los Angeles sub markets about the number of foreclosures we actually have here.
2007 Q3 (July-Oct) Single Family Homes
West Los Angeles
City/Sub Market | Notice of Default (NOD) | Notice of Trustee Sale (NOT) | Real Estate Owned (REO/Foreclosures) |
Brentwood | 2 | 2 | 0 |
Bel Air | 9 | 7 | 5 |
Beverly Hills | 15 | 8 | 0 |
Malibu | 11 | 7 | 1 |
Marina Del Rey | 1 | 1 | 0 |
Pacific Palisades | 9 | 1 | 1 |
Santa Monica | 7 | 5 | 0 |
West Hollywood | 8 | 6 | 0 |
Westwood-90024 | 1 | 3 | 1 |
West LA-90025 | 2 | 1 | 0 |
Totals | 65 | 41 | 8 |
Source- RETRAN -information deemed reliable but not guaranteed
Just to put things in some perspective, according to Dataquick, there was 13,583 total NOD's (SFR & Condos) in the Los Angeles area in the 3rd quarter of 2007. Of which only .4 percent came from the West LA region. Remember a notice of default only means a notice was filed when the lenders' loans have been delinquent for a specific period of time. But the owner still has a chance to cure the debt before actually being foreclosed on. And as we see from the chart above from the 10 total Westside submarkets I have included, there was only 8 single family homes that turned into a banked owned foreclosure. That's it!!
If it's a foreclosure you're looking for, the Westside is not the area where these are predominately happening. Areas like the San Fernando Valley and Inland Empire are seeing many more foreclosures. And along with the high level of inventory of properties in those areas, deals are more easily had there.
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