The big real estate headline in today’s Los Angeles Times tells of record foreclosures across California – more than twice the biggest quarter in the last housing recession in 1996 – a 421 percent increase over last year. And L.A. County wasn’t spared. Foreclosures in the fourth quarter of 2007 were up 83 percent over the fourth quarter 2006 in our county.
The sky is falling! At least in some places.
But as I like to say, reading the L.A. Times won’t tell you anything about the real estate market in your neighborhood – and that’s especially true for L.A.’s Westside.
Oh yes, there are foreclosures in Los Angeles. Oh yes, housing prices are falling in Los Angeles. The last six months of 2007 were terrible for the L.A. housing market. Just look at some of these foreclosure numbers for certain areas:
FORECLOSURES – June 1-Dec. 31, 2007
- Woodland Hills (91364, 91367) – 100 foreclosures
- Tarzana (91356) – 69 foreclosures
- Encino (91316, 91436) – 54 foreclosures
- Sherman Oaks (91403, 91423) – 43 foreclosures
- Studio City (91604, 91602) – 32 foreclosures
- West Hollywood (90046, 90069) – 27 foreclosures
But then take a look at some of the most desirable areas for those same six months:
- Miracle Mile (90036, 90048) – 7 foreclosures
- Beverly Hills (90210, 90211, 90212) – 3 foreclosures
- Brentwood (90049) – 6 foreclosures
- Bel Air/Holmby Hills (90077) – 11 foreclosures
And now take a look at some other prime Westside areas:
- Sawtelle/West L.A. (90025) – 6 foreclosures
- Westwood (90024) – 11 foreclosures
- Cheviot Hills/Rancho Park (90064) – 3 foreclosures
- Pacific Palisades (90272) – 4 foreclosures
- Venice (90291) – 1 foreclosure
- Santa Monica (90401, 90403, 90404, 90405) – 10 foreclosures
- Santa Monica (90402) – not available (north of Montana where there were likely few)
The point is: Even though foreclosures are hitting California – and Los Angeles County – like crazy, they aren’t hitting the most desirable areas of the Westside.
If you want to look up foreclosures for any zip code in Los Angeles County, you can do so by CLICKING HERE.
4 comments:
Culver City 90232 had zero foreclosure in 07.
Culver City 90230 had 18 in the Q4, up from 3 in Q3
Yep. That's that finger of CC that runs West, south of Venice almost all the way to MDR. It will be having a lot of foreclosures I think. Not saying 90232, which is near downtown CC and Sony, won't. I'm just surprised it hasn't yet.
Yeah, there's the part of Culver City where you want to buy -- and the part where you don't.
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