Helping home prices rise is a drop in home foreclosure activity. That trend continued throughout the Los Angeles area in November, new data show.
The rate at which lenders have foreclosed on mortgages in the Los Angeles area fell to 1.67% of all home loans, data firm CoreLogic said. That compares to 2.67% the same month a year prior. That rate was lower than the national average, which was 2.97% in November.
Fewer people in the Los Angeles area also fell behind on their mortgages, according to the data. On all home loans in the area, an estimated 5.41% were behind on their payments by 90 days or more compared to 7.43% during the same month a year earlier.
The decline in foreclosures and late payments comes as home prices recover. A leading measure of home prices in the biggest American cities posted strong year-over-year growth in November.
The S&P;/Case Shiller 20-city index rose 5.5% from the same month a year earlier, rising in 19 out of the 20 metro areas tracked by the gauge.