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Archive for Local Foreclosure Information – Page 2

REOs (Foreclosures) in La Crescenta

Posted on April 25, 2008 by John Hickey

 REO means “Real Estate Owned” property.   These are the homes that banks have taken ownership of since Jan. 1, 2008 thru March 31, 2008.  The homes with Blue addresses are presently on the market (the price is included).  The home in Red has been sold by the bank and is in escrow.

At current sales rates foreclosures will be about 50% of home sales in La Crescenta.  32 homes sold in La Crescenta during the 1st Q of 2008.  About 42-50 homes (including foreclosures) will likely sell in the 2nd Q of 2008.  These high levels of foreclosures are what is driving down prices in our area.

If you would like more information about any of these homes, let me know.

 

Site Address City REO Date SqFt Lot Size Yr Blt Bed/Bath
2710 ALABAMA ST La Crescenta 1/18/2008 1646 8246 1950 4/2
2742 PROSPECT AVE La Crescenta 2/25/2008 1968 8677 1957 3/2
2851 FAIRMOUNT AVE La Crescenta 1/7/2008 1361 6142 1945 3/2
2912 SYCAMORE AVE La Crescenta 2/5/2008 992 7349 1939 2/1
2915 MONTROSE AVE #430 La Crescenta 4/2/2008 784 Condo 1988 1/1
3075 FOOTHILL BLVD #115 La Crescenta 4/8/2008 856 Condo 1986 2/1
3130 MONTROSE AVE #113   $399,900 La Crescenta 1/16/2008 1275 Condo 1981 2/3
3130 MONTROSE AVE #15 La Crescenta 1/29/2008 1300 Condo 1981 2/2
3245 COMMUNITY AVE La Crescenta 2/20/2008 766 6686 1938 2/1
3312 HONOLULU AVE #1 La Crescenta 1/10/2008 1616 Condo 1991 3/3
3332 STEVENS ST   $449,500 La Crescenta 1/8/2008 933 5349 1945 2/1
3619 1ST AVE La Crescenta 2/14/2008 560 3999 1924 3/2
3710 ENCINAL AVE La Crescenta 1/25/2008 1290 8098 1950 3/2
3732 MAYFIELD AVE La Crescenta 3/21/2008 1054 5101 1951 2/1
3852 VISTA CT   $548,050 La Crescenta 3/18/2008 1236 9418 1937 3/2
3906 EL CAMINITO La Crescenta 1/29/2008 1531 7719 1956 3/2
3910 FRANKLIN ST    $699,000 La Crescenta 2/21/2008 2062 5397 1997 3/3
4363 LAUDERDALE AVE La Crescenta 3/21/2008 850 3746 1924 3/1
4541 DUNSMORE AVE La Crescenta 1/3/2008 1325 6155 1951 2/2
4563 BRIGGS AVE   $800,500 La Crescenta 1/17/2008 2636 10873 1925 4/3
5208 NEW YORK AVE La Crescenta 1/10/2008 1783 9496 1956 2/2

Categories : La Crescenta Homes, La Crescenta Stats, Local Foreclosure Information
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Foreclosures, Recessions – What is Going On?

Posted on April 16, 2008 by John Hickey

The press reports are certainly coming up with a lot of negative info these days.  Sales down 40%, prices down 15%, recession, no recession, and on, and on, and on.

What is going on in our neck of the woods? …La Canada, La Crescenta,  Sunland/Tujunga, Shadow Hills and the northern portions of Glendale?

The good news: The average price in the Foothills has only dropped by about 3% overall – vs. around 15% for LA County. This varies greatly throughout the various Foothill communities. For exact info on different neighborhoods, send me an email or leave me a comment here. While prices have been dropping, the length of time to sell a house has gone up dramatically – from an average of 67 days in 2007 to 94 days in 2008. The last piece of information is that the average size has gone UP. From 1744 sq. feet in 2007 to 1844 in 2008.

So, to summarize it’s taking an extra month to sell a home that’s 6% bigger than last year and get 3% less than last year. That’s what a buyer’s market looks like.

On the other hand… Foreclosures in the Foothills:
 
The chart above shows various stages of foreclosure activity in the Foothills.  The white columns indicate how many homes banks have taken title to each month – a total of 98 properties through March.  The blue column indicates the number of homes that are begining the process – which, as you can see, is rising,

In the following chart you can see the number of homes sold has gone down by about 50% from last year.  Even more troubling is the comparison of homes sold to the number of homes that banks have to sell.  The previous chart shows banks took about 98 properties so far this year in foreclosure.  Meanwhile a total of about 154 homes have sold.  In other words, 2/3 of the sales in the future will be bank-owned properties (if things continue at this rate).  This is putting tremendous pressure on prices.

So far, the local economy has not been a negative.  Let’s hope that our job picture remains healthy.

Home Sale info taken from iTech MLS; Foreclosure info courtesy of Chicago Title. Both are deemed reliable but not guaranteed

Categories : La Canada Homes, La Crescenta Homes, La Crescenta Stats, Local Foreclosure Information, Sunland Tujunga Homes
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Saved from Foreclosure!

Posted on April 7, 2008 by John Hickey

Can homeowners in La Crescenta, Sunland & Tujunga expect help?  Maybe!

A perspective:  Banks are foreclosing on homes as fast as buyers are buying them in many zip codes.  Does that mean the only way to sell a home is to give it back to the bank?  Of course not, but it sure complicates things.

La Crescenta, Tujunga, Sunland and Montrose all are experiencing their share of foreclosures but if you live in the Foothills you can relax a little; things are better than they sound in the newspaper.  Things aren’t great – but they aren’t nearly as bad in other areas of Southern California.

And now, perhaps, the Feds are going to come “riding to the rescue”…

 Various members of Congress hope to introduce a “Help the Homeowner” law.

 Nothing is certain and even if Congress passes something it isn’t certain whether the President will sign it into law.  If the President opposes it he won’t be alone.  Many commentators, politicians and financial analysts worry that a “bailout” will be bad for the country.  We’ll see what happens.

 At this point a rough outline of the plan looks like this:

  • Bank cuts the loan to 85% of the   appraised   price.
  • 5% of the cut goes to FHA to insure the new loan.
  • 10% of the the cut goes to the homeowner as “new equity”.
  • Additional terms are placed in the loan regarding any futures sale of the property.

Read the LA Times Article on “Homeowner Assistance” – April 7, 2008

 an excerpt…

Help for Troubled Hoemowners

Over the years we’ve had other “bailouts”.  In various articles we see the Depression era FHA brought up and, much more recently, the “S & L Bailout” of the 80′s.  The debate on the pro’s & con’s is always vigorous.

Here is a Gallup poll on the subject:

Gallup Poll on Homeowner Bailout

Please let me know what you think.

John

Categories : La Crescenta Homes, Loan Information, Local Foreclosure Information, Sunland Tujunga Homes, Verdugo Hills
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March Sales Statistics

Posted on April 1, 2008 by John Hickey



March Sales Statistics
in La Crescenta, La Canada & Surrounding Areas:

Area March Sales % Change from March 2007
La Crescenta Homes 18 -30.77%
La Canada Homes 9 -47.06%
Sunland/Tujunga Homes 14 -70.83%
Shadow Hills Homes 0 -100%
Glendale – Rossmoyne Homes 12 -29.41%
Glendale – Chevy Chase/Glenoaks Cyn Homes 8 -66.67%
Foothills & No. Glendale Total 61 -55.15%

These numbers are preliminary. As you can see sales are still down very dramatically. Many different forces are at work. Loan availability – the sub-prime and other banking issues have severely limited loans over $417,000. Recent changes in the rules will alleviate this a little – but only a little and only until the end of the year. The large number of foreclosures is creating a lot of confusion in the market place. Home buyers are often reluctant to make a decision until the last moment. This often results in multiple offers. Then, when the house with all the offers sell, the remaining buyers get back onto the fence until the next “great” deal. Foreclosures often have low price tags but just as often come with a lot of deferred maintenance and or damage.

And, uncertainty breeds uncertainty.

What this means, of course, is that this is a very diffiuclt time to sell a home – it’s a buyers’ market.

It’s worth pausing and considering that phrase – “Buyers’ Market”.

The shortage of buyers is producing much lower prices. This, together with low interest rates (for those who can qualify under the new rules) is producing some very good value for a buyer.

If you have considered a real estate investment – pay attention – you may have an opportunity sooner than you thought.

Categories : La Canada Homes, La Crescenta Homes, La Crescenta Stats, Local Foreclosure Information, Sunland Tujunga Homes
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Easter Sunday

Posted on March 23, 2008 by John Hickey

Easter Sunday

The Christian tradition of celebrating the Resurrection of Jesus Christ is closely related with many other traditions & events. The name “Easter” may have originated with Ostra or Eastre, mythological goddesses or spring and fertility in Europe, whose festival was celebrated on the vernal equinox.

The vernal equinox or the day when night & day have equal length figures in the day Easter is celebrated; the 1st Sunday after the first full moon after the vernal equinox. Which is why Easter is always on a different date.

Easter has parallels in Jewish Tradition – Passover; and in pagan traditions of spring fertility rites. It also has figured in historical events; the Irish “Easter Rebellion” – an unsuccessful attempt to overthrow the English rule of Ireland (I’m Irish).

In today’s real estate world, it’s worth considering this concept. The news is full of articles about foreclosures, sub-prime loans, failing financial institutions and the like. It is important to remember Ben Franklin’s adage, “It’s an ill wind that blows no one good…

The fall in home prices and the ongoing affordability of home financing is bringing great opportunity to future homebuyers and real estate investors. People locked out of the real estate market because of high prices or the lack of inventory are now finding tremendous opportunity in today’s market. Some La Crescenta home values are reminiscent of prices prior to 2005. Interest rates may very well drop to the low 5% range. In our area, the increase in the FHA & Conforming Loan rates will also expand home availability.

It’s easy to focus on the negative. There is a lot of pain & suffering involved in the foreclosure & short sale process.

Overlooking the joy that comes from a family or individual finally getting a home of their choice is a mistake. Home ownership creates the homebuyers financial future. It is a source of stability, it’s a great long term investment & it opens financial opportunity in the future. Home ownership has made many a child’s education possible; it has created the financial opportunity for many a start-up business.

And, of course, it is a home.

Happy Easter

Categories : La Crescenta Homes, Local Foreclosure Information
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