Foreclosure on the rise in this segment of Real Estate:
The number of homes in the $1-million-and-up slice of the market that have become foreclosed and bank owned has tripled during the last three years in Los Angeles County, and the trend has shown little sign of slowing.
Alough 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 foreclosed and 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 foreclosure trend has shown little sign of slowing, according to data from Foreclosure Radar.
