home > the scene > real estate

Change We Can Believe In: Foreclosures Cratering in Los Angeles County

Tuesday, Nov 4, 2008 | Updated 12:24 PM PST

[Click image for larger view]

PropertyShark has released its Foreclosure Report for the month of October, which shows a steep drop in the number of foreclosures. Between September and October, the number of foreclosures in LA County dropped a staggering 51 percent. Have all the homes in Palmdale and Lancaster already been foreclosed on? Maybe. Per the report:

"Zip codes from Palmdale and Lancaster continue to top the list for first time foreclosures, however, significant improvements can be seen in these trouble spots. Foreclosures were down 35% in zip code 93550 (Palmdale), down 52% in 93535 (Lancaster), down 25% in 93552 (Palmdale), and down 49% in 91331 (Pacoima)."

Meanwhile, our coastal cousins in Seattle and Miami aren't faring so well. Miami saw a 93% increase in foreclosures from last month, while Seattle experienced a 14% bump.