Housing costs outpace incomes Foreclosures up 923% from ’06

The third-quarter foreclosure report released by PropertyShark.com last week paints another bleak picture.

Los Angeles County foreclosures, totaling 15,749 by its methodology, were up nearly 196% from the same quarter in 2007, when there were 5,322. And compared with the second quarter of ‘08, which had 14,505 foreclosures, they were up 9% in the third quarter.

If that’s not dramatic enough for you, way back in the third quarter of 2006 the county recorded just 1,539 foreclosures. Two years later, in the same quarter, that number is up 923%.

The ZIP Codes with the most foreclosures were, in descending order: Palmdale 93550, Lancaster 93535, Sylmar 91342, Pacoima 91331, Palmdale 93552, Norwalk 90650, Palmdale 93551, Long Beach 90805, Lancaster 93534 and Quartz Hill 93536. For Palmdale 93550, that translates into 1 in every 45 homes.

Who was left holding the most bad loans in L.A. County? Countrywide Home Loans, followed by Washington Mutual.

-- Lauren Beale