Foreclosures in the Los Angeles area declined in August 2008, but still remain high.

The Top 15 zip codes in the Los Angeles area for August 2008 finally show some movement in the Palmdale and Lancaster areas, giving way to the San Fernando Valley for two of the Top 5 slots for the highest number of trustee sales (foreclosures) for the month according to PropertyShark.

Most of the foreclosed homeowners obtained loans in 2005, 2006, or the first half of 2007. Many of these were cash-out refi’s, not original purchases.

If you’re behind on your mortgage payments and likely facing foreclosure, it’s best to consider listing your home with a reliable Realtor® as a short sale instead. The impact on your credit report will be less, and you’ll have a bit more control over your destiny, since you’ll generally be able to extend your auction date and have time to find a new place to live. We’ve been finding that the banks are becoming much more cooperative on short sales as they establish the staffing and policies required to process these more efficiently. Need help? Call Santa Clarita Realtor Linda Slocum at 661.670.0349.

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