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Sunday, August 29, 2010

Foreclosures: Movin' on up!

by Calculated Risk on 8/29/2010 06:19:00 PM

This is a something we've been watching for some time ...

From Lauren Beale at the Los Angeles Times: Foreclosures of million-dollar-plus homes on the rise

Although the pace of foreclosures has slowed in the general housing market in Southern California and much of the nation, it's still rising for upper-tier homes.

The number of homes in the $1-million-and-up slice of the market that have become bank owned has tripled in the second quarter compared with the same period three years earlier in Los Angeles County, which has the majority of Southern California's high-priced REO houses. And the trend has shown little sign of slowing, according to data from ForeclosureRadar.
"We believe the high end is ready to fall apart," [Bryan Ochse of Media West Realty in Burbank, which works with 11 lending institutions and specializes in REO sales] said.
Earlier today:
  • Summary for Week ending August 28th (a busy week!)

  • Schedule for Week of August 29th