Second-quarter filings in L.A. County fell 6.1 percent from a year earlier and 7.6 percent from the previous three months, according to Dataquick. Statewide, the number of homes entering the foreclosure process has dropped to its lowest level since early 2007. How these numbers factor into the fledgling housing recovery is the big question. Recent home sales figures suggest that foreclosure-related transactions in lower-priced areas have been slowing down, while conventional sales in higher-priced communities are increasing. That would point to a pickup in prices. From press release:
Foreclosure resales accounted for 27.9 percent of all California resale activity last quarter, down from a revised 33.6 percent the prior quarter and 35.6 percent a year ago. It peaked at 57.8 percent in the first quarter of 2009. Foreclosure resales varied significantly by county last quarter, from 7.3 percent in San Francisco County to 47.4 percent in Madera County.
Houses and condos
County/Region 2011Q2 2012Q2 Yr/Yr%
Los Angeles 11,250 10,568 -6.1%
Orange 3,705 3,599 -2.9%
San Diego 4,158 4,099 -1.4%
Riverside 5,534 5,677 2.6%
San Bernardino 4,334 4,487 3.5%
Ventura 1,133 1,152 1.7%
Source: DataQuick, DQNews.com
*It's worth noting that the number of homes actually foreclosed on in L.A. County fell 47.2 percent from a year earlier.