Tuesday, December 20, 2005

Foreclosures Surge In LA, Riverside

The LA Business Journal reports on a surge of foreclosures in California. "Los Angeles foreclosures increased 38 percent in November from the previous month but the city’s foreclosure rate stayed lowest among the nation’s five largest metropolitan areas, according to RealtyTrac’s Monthly U.S. Foreclosure Market Report."

"L.A. County reported 1,657 properties entering some stage of foreclosure in November, up from 1,201 in October. The figures are another indication that the region’s red-hot housing market appears to be cooling. Other recent housing data indicate home prices in the Los Angeles area have reached a plateau over the last several months."

"California’s foreclosures jumped 29 percent, with 6,051 properties entering some state of foreclosure in November, the most reported in any month so far in 2005 and the third-highest number reported by any state in November. Only Florida and Texas had more foreclosures. But California’s foreclosure rate of one foreclosure for every 2,019 households stayed below the national average."

"Foreclosures in Riverside County soared 107 percent over October, with one foreclosure for every 766 households. That rate was the highest in California and nearly two times the national average."


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