Thought you could afford that $800,000 bungalow on that assistant’s salary? Well, if you live in L.A., you probably bought the house anyway. Unfortunately for you, it turns out that you were probably overestimating your ability to be frugal so that you could pay that weighty mortgage. According to a story in RIS Media, the banks are having a foreclosure heyday in L.A.
The number of foreclosures in Los Angeles County increased by 63 percent in the first quarter of 2006 compared to 2005, according to Default Research. [S]ingle family homes and duplexes were hit the hardest, increasing 77 percent and 88 percent respectively, underscoring the tough battle that the average L.A. homeowner faces to retain their property.
That being said, what would L.A. be without everyone living beyond their means?
· Los Angeles Foreclosures Increase Dramatically [RIS Media]