Default Research is Reporting That LA County’s 42% Decrease in Notices of Default a Red Herring; Expert Sees Further Pain in LA Real Estate Market
Notices of Default, recorded approximately 90-180 days after a property owner defaults on a mortgage, is the first stage in the California non-judicial foreclosure process. Once this occurs, property owners have 90 days to cure the default or a Notice of Trustee Sale will be recorded in the county in which the property is located. As soon as 21 days later, the property can be sold to the highest bidder at a public auction.
Although Los Angeles County Notices of Default had a year-over-year decline of 42%, Default Research, Inc., Founder Serdar Bankaci sees trouble looming for the Los Angeles housing market. He believes there are three primary reasons for this: declining home prices, rising inventories, and high unemployment.
“While fewer Notices of Default is a good sign, you have to dig a little deeper to see a clearer picture of the LA housing market. Home prices are down 1.2%. Although it could be worse, this is bad news for a real estate market that has seen inventories increase by 7% this year,” Bankaci said.
Rising inventories confirm Bankaci’s worst fears that the LA housing market remains in dire straits. “Inventory is rising. That means properties are sitting on the market, unsold. Investors aren’t flocking to LA to invest – and high unemployment is otherwise constricting the market.”
Bankaci believes that LA County’s 12.5% unemployment rate, 127% of the national unemployment rate of 9.8%, indicates that potential buyers are priced out of the market by their lack of employment. “Let’s face it. If you’re unable to find a job, buying a house is the last thing on your to-do list. Until LA County sees some serious job creation, millions of potential buyers will be sitting on the sidelines, waiting for conditions to improve,” Bankaci said.
“Since this won’t happen overnight, LA County prices should remain flat – and possibly fall some more,” Bankaci said. “The good news is that the current foreclosure rate should remain fairly constant in 2011.”
The 5 California cities hardest hit by Notices of Default in 2010 are Los Angeles 9,010; Long Beach, 2,334; Palm Dale, 2,119; Lancaster, 2,077; and Whittier, 1,094.
Default Research is a national provider of pre foreclosure data including notice of default, notice of trustee sale and lis pendens listings.
Default Research Inc
609 N Church St #5
Mount Pleasant, PA 15666
(888) 211-8396 x705
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