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Alhambra Real Estate
Alhambra Homes For Sale - Investing in Real Estates of Alhambra, CA
The Foreclosure Storm
by Lee Lieberg
October 15, 2007
The news is constantly reporting about the increased volume of foreclosures
and how they drive values down. I thought it called for an analysis of
Alhambra to see what type of activity we have had. The foreclosures that
started in the outer lying areas with the first time buyers using sub prime
mortgages are now beginning to spill over to the more established higher
value communities closer to Los Angeles.
In the 90’s, the real estate cycle was triggered by a recession. Starting at
the top end of the market and trickling down. The current downturn, sparked
by sub prime loans, is unusual in that it started at the bottom of the
market and is working its way up.
The simplified foreclosure process is as follows - 1. There is a Notice of
Default period. 2. The lender must post a Notice of Sale. 3. A Trustee’s
Sale is then held. 4. If no one buys the property at the Trustee’s Sale,
then title is transferred to the lender. At this point the Lender sells the
property, as what most people think of, as a foreclosure.
The Trustee’s Sale is the measure that I will use for my comparison. It is
important to note that not every Trustee’s Sale that is posted ends up in
foreclosure. So far, most borrowers have been able to borrow from another
source to repay the debt, restructure the loan, or do a short sale to keep
from going to foreclosure. But there is a correlation between Trustee’s
Sales and Foreclosures that I will use to show the activity.
In Alhambra, according to data from MRMLS Realist, there were no Trustee’s
Sales posted for 2006. In 2007, for April there was one, July there were
two, August there were three, September there were five, and for October
there are ten scheduled. This is a newsworthy trend and a total of 21 year
to date. To put that in perspective however, those cities in what I call the
middle of the storm, like Palmdale has had 437 and Lancaster has had 404. A
little closer to home, West Covina has had 74, even San Marino has had four
Trustee’s Sales posted this year.
Most don’t expect the West San Gabriel Valley to have anywhere near the
number of foreclosures as those areas, but if it continues to worsen in the
middle of the storm, look for it to worsen here on the edge as well.
Here are the recent numbers for Alhambra
|
# Homes Sold |
Median $ |
# Condos Sold |
Median $ |
September 07 |
15 |
545,000 |
9 |
441,000 |
September 06 |
17 |
580,000 |
18 |
415,000 |
Listed |
Homes |
|
Condos |
|
10/14/07 |
111 |
|
65 |
|
*Data was obtained from California MLS Alliance and deemed to be
reliable. Lee Lieberg can be contacted at lee.lieberg@dilbeck.com.
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