More homes set for auction

first_imgScheduled sales of foreclosed properties increased 11 percent in Los Angeles County during the second quarter from the prior three months, with the distress concentrated in the Antelope Valley and South L.A., an industry tracker said Thursday. The report from Brooklyn, N.Y.-based Propertyshark.com tracked the number of foreclosure auctions set for the second quarter in Los Angeles, New York and Miami. During the April-through-June period, there were 1,250 scheduled here, equal to 0.04 percent of the 3.1 million households in the region. The Los Angeles total was more than double the number of foreclosure sales in the other two cities, but the area ranked second in the percentage per households, the company said. “The one thing that is interesting is the process of a foreclosure is much faster in Los Angeles than in New York City, where there are slightly different ownership issues,” he said. In New York, it typically takes 15 months from the issuance of a notice of default (the first step in the foreclosure process) to a property sale. In Los Angeles, the process can take about three months, Scully said. The big percentage increase here could suggest a future trend for New York and Miami, the company said. The report also indicates that Miami is the most distressed of the three markets. That city has 374 percent more foreclosure auctions scheduled per household than New York City and 166 percent more than Los Angeles, the company said. “The number of foreclosures per household in Miami-Dade County is particularly high for the quarter. South Florida is definitely one of the first regions we have seen to show clear signs of problems in the housing market,” Ryan Slack, the company’s chief executive officer, said in a statement. That’s not surprising, said Kyser. “Miami was a real hotbed of condo development, and that’s where a lot of investors went,” he said. John Karevoll, an analyst at DataQuick Information systems, said that while the level of foreclosure activity is rising here, it is still low. “The current level is 5 percent of what it was 10 years ago, so the increase is coming up off a very low bottom.” [email protected] (818) 713-3743160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREWhy these photogenic dumplings are popping up in Los AngelesThere were 91 sales scheduled in the Antelope Valley – 56 in Palmdale and 35 in Lancaster – and 70 in the South Los Angeles area. Winnetka had 17, Norwalk 18 and Canyon Country, Reseda and Long Beach 13 each. “The Antelope Valley and Norwalk would both be entry-level markets. Sometimes people have really stretched” to buy a house, said Jack Kyser, chief economist at the Los Angeles County Economic Development Corp. This is Propertyshark’s first report so there is no comparable data for the year-ago period, said Brian Scully, the company’s vice president of marketing. But the numbers seem to offer more evidence that the residential real estate market has cooled dramatically. last_img read more

Continue reading