Los Angeles County Foreclosures
Here are a few facts and figures about foreclosures in Los Angeles County:
1. Foreclosure filings in Los Angeles County
The foreclosure process starts as soon as the Notice of Default is filed. The Notice of Trustee Sale is considered the final notice before a sale. The time and date set for an auction can also be found on the Notice of Trustee Sale.
Since May of 2014, the highest number of Notice of Default filings was 1,532 (April 2015), while the lowest was 1,272 (November 2014). The highest number of Notice of Trustee Sale filings was 1,372 (July 2014), while the lowest was 1,015 (November 2014).
2. Foreclosure outcomes in Los Angeles County
Right after a Notice of Trustee Sale is filed, the sale can be cancelled, sold to a third party, or revert to the bank and be included as a part of that bank’s REO inventory.
Since May of 2014, cancellations were at its highest on December 2014, with 1,140. The month with the most number of sales returned to the bank was October 2014, with 289 sales returned. The most number of sales sold to a third party was 202, which was recorded on June 2014.
3. Foreclosure inventories in Los Angeles County
Pre-foreclosure Inventory represents an estimated number of properties that have a Notice of Default filed against them, but isn’t scheduled yet for a sale.
The Scheduled for Sale Inventory includes the number of properties with a Notice of Trustee Sale filed, yet are still unsold or cancelled.
The Bank Owned (REO) Inventory represents the number of properties sold back to the bank, which hasn’t yet been sold to a third party.
Since May of 2014, the month with the highest Pre-foreclosure Inventory was July 2014, with 9,022 properties. June 2014 had the most number of properties scheduled for sale, which numbered 5,306. The Bank Owned Inventory reached its highest on May 2014, with 8,588 properties returned to the bank.