Foreclosures in LA County Return to Pre-Recession Numbers
Signs continue to emerge that the worst period of California’s real estate crisis has passed. Foreclosure activity has now returned to pre-recession numbers. The steadily improving economy coupled with a rise in housing prices has led to a foreclosure activity stall.
DataQuick reports during the period of January through March, 19,215 default notices were issued by lenders to owners of California properties. This is up 3.5 percent from 18,568 notices issue during the same period in 2013. While default notices rose by 5 percent, actual foreclosures dropped 43 percent. January through March of 2014 has seen 7,799 foreclosures compared to 13,592 during the same period last year.
This drop in foreclosure activity will not please investors looking for opportunities in this property class. Deals on foreclosures will now be harder to find. This trend is positive for current homeowners who are now seeing the equity on their properties rise.