We all have been hearing of how foreclosures, Notice's of Default and Short Pays are on the rise and having a negative impact on the real estate market. But how is this affecting us locally, or more specifically, the Pasadena Housing Market?
The above graphic only looks at Notice's of Defaults that have been filed. It does not necessarily mean that a house is going into foreclosure, only that the homeowner is delinquent in their payments.
Considering the overall number of homes in Pasadena, the number is relatively small, considering the month to month number of defaults filed compared to homes sold, the numbers are significant.
We will watch and see what happens within the next few months. Many of the reports I see in the media forecast this situation reaching its peak in early to mid 2008.
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