A.V. FORECLOSURE CRISIS ENDS; LEVEL PLUMMETS 57 PERCENT.Byline: Charles F. Bostwick Staff Writer PALMDALE - An economic development organization declared the end of the foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. glut glut pronounced as rut, slut Vox populi An excess of a service or skilled labor in a particular area. See Physician glut. that plagued the Antelope Valley This article is about the Los Angeles County region. For the census-designated place in Wyoming, see Antelope Valley-Crestview, Wyoming. The Antelope Valley through the 1990s. Foreclosed property sales dropped 57 percent last year to 265, less than one-eighth of their level three years earlier, the Greater Antelope Valley Economic Alliance said. ``In any economy and in any region there will always be foreclosures,'' said David Myers, the organization's president. ``This latest report shows that they no longer play a significant role in our local housing market.'' Foreclosed-property sales numbered from 265 in 2001 and 2,343 in 1999, the report said. The average home sale price rose 16 percent in 2001 to $125,326 for the region that extends from Acton to Ridgecrest, said Harvey Holloway, who prepared the home sales report for the Greater Antelope Valley Economic Alliance's Industry Roundtable Report, due out this spring. ``Prices did very well,'' said Holloway, owner of Valley Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. . Foreclosure sales foreclosure sale n. the actual forced sale of real property at a public auction (often on the court house steps following public notice posted at the court house and published in a local newspaper) after foreclosure on that property as security under a mortgage or represented 7 percent of Antelope Valley home sales in 2000, but only 3 percent in 2001, he said. A separate report also found rising home prices in Lancaster and Palmdale. The California Association of Realtors said the median home sales price during October, November and December rose to $132,500 in Palmdale and $115,000 in Lancaster. Those prices are up from a year earlier: 15 percent in Palmdale and 10.6 percent in Lancaster, the Realtors association said. But the Lancaster price is actually lower than last summer, when the median sales price was $119,000, and barely higher for Palmdale. Palmdale's summer average price was $131,750. Holloway said he saw a brief slackening of sales office traffic and calls after Sept. 11, but the slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. was over in two or three weeks. ``It was short-lived,'' he said. |
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