Second Quarter foreclosures in Top Twenty Los Angeles County zip codes.

PropertyShark has just released statistics for Los Angeles area foreclosures by zip code for the second quarter of 2007. These numbers are for actual first-time trustee sales, not for filings. Properties that have been in and out of foreclosure or those that have had auctions postponed are not included.

Leading the list is Lancaster, with 277 sales. A close second is Palmdale, with 218 sales. Santa Clarita’s zip code 91351 is the only area in the Santa Clarita Valley to hit the Top Twenty list, with 36 trustee sales for the quarter ending June 2007.

Los Angeles County on the whole had 3,793 foreclosures out of 3,133,774 homes, or 0.121% foreclosures per household. According to PropertyShark, there was a 54.63% increase in new residential trustee sales in Los Angeles County for the second quarter of 2007 from the first quarter of 2007, and a 202% increase over the second quarter of 2006.

Does this mean that there are foreclosure bargains waiting to be snapped up by savvy buyers and investors? Not necessarily! The majority of the homes in these trustee sales have mortgage balances that are higher than the homes are worth, so the bank has to take them back and then re-market them later. And banks don’t necessarily re-market these homes right away at fire sale prices either.

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