Lenders in L.A. Record 2,337 Default Notices
A total of 2,337 notices of default were recorded on residential property in Los Angeles County in July, up from 2,071 in June but behind April’s 2,393, which was the highest month so far this year, according to the Southern California Real Estate Observer.
Recording a notice of default is basically the first step a lender takes in the foreclosure process, said Observer editor John Karevoll. Usually borrowers are already three to six months behind on their payments at that point.
Karevoll analyzed foreclosure information provided by Dataquick, a La Jolla-based company that monitors all home sales, refinancings and foreclosures in California.
During the past few years about 70% to 90% of all borrowers in Los Angeles County have been able to bring their payments current, Karevoll said. If mortgage payments are not brought current within 90 days, the lender records a notice of trustee sale.
What’s particularly disturbing about July’s foreclosure data, he said, is that 1,440 notices of trustee sale were recorded, nearly twice June’s 724. In May the number was 663.
The “median” foreclosure property in Los Angeles County is a 1,481-square-foot 3-bedroom 2-bath house bought in July, 1988, Karevoll said. The “median” homeowner is $5,925 behind on his or her payments.
Karevoll said that the lenders most willing to foreclose are often the lenders most willing to lend: Great Western recorded 549 notices of default, Home Savings did 380, Household Finance 228, Coast Federal 194 and California Federal 154.
Area Number of Number per Median current 1000 single- foreclosures residences family proceedings price Acton 7 5.4 $279K Agoura 31 4.7 $363K Alhambra 24 1.9 $184K Altadena 63 6.0 $228K Arcadia 46 3.5 $363K Artesia 4 1.4 $251K Azusa 120 18.6 $145K Baldwin Park 151 12.6 $143K Bell 46 21.1 $131K Bell Gardens 13 10.4 $123K Bellflower 14 1.5 $126K Beverly Hills 43 5.8 $938K Burbank 77 3.8 $232K Calabasas 26 4.1 $500K Canoga Park 69 2.4 $220K Carson 123 6.5 $176K Chatsworth 33 3.4 $240K Claremont 26 3.1 $236K Compton 137 9.2 $133K Covina 206 20.7 $180K Culver City 21 2.2 $253K Diamond Bar 203 14.5 $241K Downey 73 3.8 $212K Duarte 94 17.8 $163K El Monte 129 11.0 $159K El Segundo 3 0.9 $314K Encino 49 6.0 $413K Gardena 40 4.6 $183K Glendale 119 4.0 $296K Glendora 131 11.8 $186K Hawaiian Gardens 6 3.3 $130K Hawthorne 40 5.8 $238K Hermosa Beach 19 2.8 $324K Huntington Park 19 5.1 $167K Inglewood 97 7.5 $161K La Canada/Fl 24 3.6 $512K La Habra 6 3.3 $414K La Mirada 39 3.2 $190K La Puente 183 26.7 $183K La Verne 74 10.3 $232K Lakewood 49 2.2 $191K Lancaster 133 5.4 $117K Lawndale 17 6.2 $208K Lomita 20 5.6 $276K Long Beach 301 4.2 $201K Los Angeles 1,567 2.9 $206K Lynwood 66 9.3 $143K Malibu 33 5.8 $701K Manhattan Beach 29 2.8 $464K Marina Del Rey 9 2.6 $775K Maywood 14 8.6 $165K Monrovia 103 15.4 $220K Montebello 49 5.0 $186K Monterey Park 17 1.4 $234K North Hollywood 100 3.1 $206K Northridge 84 4.1 $256K Norwalk 100 4.8 $157K Pacific Palisades 30 3.8 $634K Pacoima 51 3.4 $160K Palmdale 140 7.2 $125K Palos Verdes Est 7 1.5 $544K Paramount 13 2.5 $148K Pasadena 130 4.8 $351K Pico Rivera 43 3.4 $160K Pomona 229 9.5 $138K Rancho Palos Ver 29 2.0 $675K Redondo Beach 44 2.9 $312K Reseda 66 4.4 $175K Rolling Hills E. 10 3.3 $675K Rosemead 23 3.1 $180K San Dimas 56 6.5 $216K San Fernando 63 16.8 $197K San Gabriel 31 2.7 $247K San Pedro 43 2.7 $262K Santa Monica 43 3.4 $420K Saugus 36 3.5 $212K Sierra Madre 6 1.7 $299K South Gate 51 4.8 $162K Sun Valley 40 5.0 $176K Sunland 20 3.5 $188K Tarzana 31 3.9 $436K Temple City 30 3.7 $227K Torrance 81 2.3 $276K Tujunga 33 5.4 $187K Van Nuys 121 2.5 $196K Venice 24 5.3 $285K Walnut 183 22.5 $257K West Covina 429 18.4 $185K Whittier 130 7.2 $185K Wilmington 23 4.2 $149K Woodland Hills 93 5.1 $315K Other/unincorp. 770 5.1 Total 8,567 5.2 $200K
Source: Dataquick Information Systems. La Jolla
