Mount Pleasant, PA, November 17, 2010 --(PR.com
)-- Los Angeles County Notices of Default
dropped by a robust 16% in October 2010, to 3,932 from 4,691 in September. This drop shows that the Los Angeles housing market may be showing signs of stabilizing.
Not surprisingly, Los Angeles continues to bear the brunt of Notices of Default with 738, followed by Long Beach (222); Palmdale (174); Lancaster (147); Whittier (103). These 5 cities accounted for 2,384 Notices of Default – 35% of the total.
Default Research CEO Serdar Bankaci said he believes that the Los Angeles housing market may have turned a critical corner to stabilization: “A 16% decline in Notices of Default is an important first step in the housing recovery. While 3,932 is still a large number, it is a marked improvement from what we were seeing in August when there were more than 5,300 Notices of Default
Bankaci noted that the improved numbers don’t guarantee that the market has turned the corner to improvement. “Economic conditions in Los Angeles are still dicey. If jobs aren’t created soon for some of the folks that have been laid off, we could see a new wave of Notices of Default as homeowners fall behind on mortgage payments.”
The median value of properties entering foreclosure in October was $364,033 – compared with $346,000 for all homes in the Los Angeles County housing market. Median home prices have continued their renewed slide in value, which began in August 2010.
Bankaci believes that the Los Angeles County housing market is in the midst of a very slow recovery, but that conditions could deteriorate rapidly. “We’re seeing some stability in the Los Angeles housing market in terms of inventory. Barring another round of increased unemployment or other factors, the market can slowly continue the process of healing itself.”