Default Research, Inc., a major aggregator of pre foreclosure data in the U.S. housing market, reports that pre foreclosure activity in Los Angeles County dropped significantly in December 2011, with Notices of Default (NODS) declining by 33%, and Notices of Trustee Sales (NOTS) falling by 11%, respectively.
Mount Pleasant, PA, US, January 27, 2012 — Default Research, Inc., a major aggregator of pre foreclosure data in the U.S. housing market, reports that pre foreclosure activity in Los Angeles County dropped significantly in December 2011, with Notices of Default (NODS) declining by 33%, and Notices of Trustee Sales (NOTS) falling by 11%, respectively.
Los Angeles was the city with the most pre foreclosure activity in December 2011 with 1128, followed by San Jose (427), Palmdale (302), Lancaster (273) and Long Beach (271).
The numbers reported by Default Research, Inc.’s Vice-President Burt Cooper show that, while 2,957 residential property owners received Notices of Default, it is still significantly lower than the 4,428 who received such notices in December 2010. While the pace of NODs has slowed somewhat, this has not translated to as much of a drop in Notices of Trustee Sales (a decline to 4,672 in December 2011, from 5,628 in December 2010).
Cooper attributes this to the number of properties that still need to work their way through the system. “The foreclosure process takes time, so even though the number of homeowners falling behind on their mortgage obligations is slowing, the properties already weaving their way through the system is set. The real takeaway value here is that the process is marching on – and even though the number of NOTS is still high, it does show a slowing trend, which is significant.”
Cooper said the Los Angeles housing market seems to have bottomed out, which is welcome news to the real estate investors flooding the Los Angeles housing market with aggressive buying activity.
“Real estate investors, especially those who can take advantage of once in a lifetime deals, are paying cash for below market properties, and holding them for positive monthly cash flow,” Cooper said. “Investors are smart, and they know that as inventories drop, prices will eventually rocket upwards. If they’re already in the market when this happens, they stand to turn windfall profits.”
Cooper cites market figures that show median home prices in Los Angeles dropped by only 3% in 2011 while inventories dropped by more than 17%. “The future is now for well-timed (and executed) real estate buying activities. Good real estate investors understand this,” Cooper said.
While Cooper believes the Los Angeles housing market is on the rebound, persistently high unemployment in the city (currently 11.5%, compared to a national rate of 8.2% and 10.9% statewide) could continue adding fuel to the pre foreclosure fire. “The Los Angeles housing market is moving past this problem. It’s just taking longer than many had hoped.”
Requests for interviews or additional information are welcome. Default Research compiles pre foreclosure statistics in multiple states and counties. Additional information can be found at market.defaultresearch.com.
Contact: Burt Cooper, Default Research Inc, 888-211-8396, [email protected], http://www.defaultresearch.com
Pre Foreclosures Decline in Los Angeles County in December, 2011
Contact :
Burt Cooper
Default Research Inc
609 N Church St #5
Mount Pleasant, PA 15666
888-211-8396
[email protected]
