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Los Angeles definitely has seen better days but there were none throughout 2007 as homeowners kept defaulting and the number of Los Angeles bank foreclosures kept rising. There had been certain amount of binge in the housing markets but it was definitely a rare sight in 2007 in some of the hottest markets like California. The maximum number of California foreclosure homes was recorded from Stockton, which is now at the top of the list. In fact, coastal California cities have been doing much better as compared to other parts like Los Angeles. California ended the year with 57,158 bank foreclosures, which is an increase of 120% as compared to the same period in 2006 and 7% more than what it was beginning of December 2007.
After the foreclosure disaster of 2007, which left many homeless, the year 2008 took off from where the last year had ended. In January 2008, the rates of Los Angeles foreclosure homes jumped by 57% as lenders were forced to take possession of the homes. The number of foreclosure homes reported in Los Angeles County was 2,648 in January, which is more than the 2,350 reported in December. Since October, instances of pre-foreclosure process and foreclosure filings have increased by almost 120%. Number of foreclosures for sale has increased through 2007 in the Los Angeles metro including Los Angeles County. By November, 2007 there were 9,767 filings that made a huge impact on the overall foreclosures in California. The rate in October jumped by 19% as compared to that of September taking the foreclosure rate to one in 342 homes. The current rate of bank foreclosures in Los Angeles is 1.6 times the national average.
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