May saw home foreclosures decrease in Southern California. The region consists of six counties, with last month seeing 7,363 foreclosures. This foreclosure rate is 23 percent lower than May of last year. Los Angeles County alone saw one out of every 1,107 homes enter foreclosure.
The highest foreclosure rates in the Southern California region were seen in the Antelope Valley. Historically, this lower income area has seen high foreclosure rates. This past month, Palmdale saw one out of every 398 enter foreclosure. Lancaster also experienced a poor ratio, with one out of every 398 homes entering foreclosure.
Bank repossessions across all states have increased, as well. California’s rate increased 26 percent over the same period last year, with 12,681 repossessions.
Valley communities that experienced low foreclosure numbers for May include North Hollywood (one in every 1,801 homes), La Canada-Flintridge (one in every 1,813 homes), and Newbury Park (one in every 2,217 homes).