MORE HOMES SET FOR AUCTION FORECLOSURES HIGH IN ANTELOPE VALLEY.Byline: GREGORY J. WILCOX Staff Writer Scheduled sales of foreclosed properties increased 11 percent in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County during the second quarter from the prior three months, with the distress concentrated in 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 and South L.A., an industry tracker said Thursday. The report from Brooklyn, N.Y.-based Propertyshark.com tracked the number of 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. auctions set for the second quarter in Los Angeles, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Miami. During the April-through-June period, there were 1,250 scheduled here, equal to 0.04 percent of the 3.1 million households in the region. The Los Angeles total was more than double the number of foreclosure sales in the other two cities, but the area ranked second in the percentage per households, the company said. There were 91 sales scheduled in the Antelope Valley -- 56 in Palmdale and 35 in Lancaster -- and 70 in the South Los Angeles South Los Angeles is the official name for a large geographic and cultural area lying to the southwest and southeast of downtown Los Angeles, California. The area was formerly called South Central Los Angeles, and is still sometimes called South Central. area. Winnetka had 17, Norwalk 18 and Canyon Country, Reseda and Long Beach 13 each. ``The Antelope Valley and Norwalk would both be entry-level markets. Sometimes people have really stretched'' to buy a house, said Jack Kyser, chief economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the at the Los Angeles County Economic Development Corp. This is Propertyshark's first report so there is no comparable data for the year-ago period, said Brian Scully Brian Scully Born in West Springfield, Massachusetts is an American television writer/producer. He has written for The Simpsons and Complete Savages. He has produced The Drew Carey Show and The Pitts. , the company's vice president of marketing. But the numbers seem to offer more evidence that the residential real estate market has cooled dramatically. ``The one thing that is interesting is the process of a foreclosure is much faster in Los Angeles than in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , where there are slightly different ownership issues,'' he said. In New York, it typically takes 15 months from the issuance of a notice of default (the first step in the foreclosure process) to a property sale. In Los Angeles, the process can take about three months, Scully said. The big percentage increase here could suggest a future trend for New York and Miami, the company said. The report also indicates that Miami is the most distressed of the three markets. That city has 374 percent more foreclosure auctions scheduled per household than New York City and 166 percent more than Los Angeles, the company said. ``The number of foreclosures per household in Miami-Dade County is particularly high for the quarter. South Florida is definitely one of the first regions we have seen to show clear signs of problems in the housing market,'' Ryan Slack, the company's chief executive officer, said in a statement. That's not surprising, said Kyser. ``Miami was a real hotbed hotbed, low, glass-covered frame structure for starting tender plants. It differs from a cold frame only in that the soil is heated—either artificially as by underground electric wiring or steampipes, or naturally with partially fermented stable manure, which of condo development, and that's where a lot of investors went,'' he said. John Karevoll, an analyst at DataQuick Information systems, said that while the level of foreclosure activity is rising here, it is still low. ``The current level is 5 percent of what it was 10 years ago, so the increase is coming up off a very low bottom.'' greg.wilcox(at)dailynews.com (818) 713-3743 |
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