Orange, L.A. County Home Foreclosures Take a Dive
Bolstering hopes of a budding real estate recovery, home foreclosures in Los Angeles and Orange counties fell to among their lowest levels in a year, a real estate data firm reported Thursday.
In Orange County, where 912 homeowners went into foreclosure in November, the number marked the second-lowest total in two years. In Los Angeles, where 3,784 homes headed into foreclosure the same month, the number was the lowest since September 1995.
“Orange County seems to be emerging from real estate doldrums faster than the rest of the state,” said John Karevoll, an analyst with DataQuick, which monitors real estate activity nationwide.
The numbers contrast with overall state figures that saw November foreclosures rise 1.5% compared with a year earlier. In November, 12,257 California homeowners entered foreclosure, while 12,080 did so in November 1995, according to DataQuick.
Southern California Realtors, who have seen the market sputter toward recovery for years, welcomed the news. Real estate analysts say foreclosure activity exerts the greatest single influence in keeping home prices down.
“We’ve been up and down for quite some time and, hopefully, we’ve bottomed out,” said Jim Joseph, a Century 21 real estate broker based in La Mirada. “I think it’s a plus psychologically and may add to a cumulative effect of encouraging fence sitters to jump into the market.”
In both Los Angeles and Orange counties, foreclosure proceedings in November tumbled by nearly a fifth compared with the previous month. Foreclosures in November dropped 19.5% from the previous month in Orange County and slid 18.9% in L.A. County.
In Orange County, foreclosures dropped by nearly 20% when comparing November with the previous November. Los Angeles County logged about a 4% drop over the same period.
Foreclosures for both counties peaked in March, with L.A. County recording 5,005 and Orange County recording 1,620.
(BEGIN TEXT OF INFOBOX / INFOGRAPHIC)
Foreclosures Ease
Orange County mortgage foreclosures have generally eased since the large numbers recorded during the first four months of this year. November’s 912 was the second lowest monthly total since January 1995. Here’s the county’s 13-month trend:
1995
Nov.: 1,136
Dec.: 1,227
1996
Jan.: 1,440
Feb.: 1,425
March: 1,620
April: 1,345
May: 1,082
June: 907
July: 1,107
Aug.: 1,093
Sept.: 923
Oct.: 1,133
Nov.: 912
Larger Picture
The high first-quarter foreclosure totals in Orange County generally mirrored Southern California and statewide conditions. Driven by those large four-month totals, foreclosures for 1996’s first 11 months are up substantially statewide; Orange County’s increase ranks in the middle of Southern California picture. Foreclosure increase from 1995 to 1996 for January through November:
Los Angeles: 26%
Orange: 18%
Riverside: 14%
San Bernardino: 6%
San Diego: 20%
Ventura: 27%
California: 33%
Source: Acxiom/DataQuick
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.