In today's Business Casual column by Muhammed El-Hasan:
This is where many dreams of homeownership are laid to rest, on the cold, hard steps of the Los Angeles County Superior Court in Norwalk.
Results tagged “Foreclosures” from Biz Waves
Just when things seemed to be turning around for real estate.
Another Wave of Foreclosures Looms(Washington Post) The housing market faces the prospect of a new round of foreclosures as hundreds of thousands of risky home loans known as option adjustable-rate mortgages reset to significantly higher payments that could force borrowers to fall behind, according to a report released Tuesday by Fitch Ratings.
About 70 percent of the $189 billion in outstanding option ARMs will reset by 2011, the report said, which would be another setback to a teetering housing market still struggling to recover from the mortgage meltdown that precipitated the financial crisis.
Read more on the coming foreclosure wave.
Los Angeles County saw 9,867 unique foreclosure filings in April, down about 10 percent from March, according to Default Research, a Mt. Pleasant, Pa.-based tracker of foreclosure activity.
Southern California saw a 4 percent drop in the filings, known as Notice of Defaults or Notice of Trustee Sales, from March to April. That amounted to 31,331 filings in April.
"Southern California, one of the hardest hit areas in the country, seems to have hit bottom as far as foreclosures go," Default Research founder Serdar Bankaci said in a statement.
In Los Angeles County, the city of Los Angeles had the highest number of foreclosures for April, at 1,824. Palmdale was second with 527, followed by Lancaster with 478 and Long Beach with 434.
