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Sold! Not to you, to the lender

Given the recently flurry of press over California foreclosures, we checked out LALand's post on activity in the region. Citing Foreclosure Radar's latest report, 1,055 foreclosed houses were auctioned off in LA in June, reports the blog. But overall, Los Angeles County "ranks very low in foreclosure auctions per capita" (34th among 52 counties), while unlucky Riverside County is first in foreclosure auctions per capita. Overall, foreclosures now "represent 16% of all new and resale home sales in the state," according to Foreclosure Radar. But who is actually walking away with these homes? "More than 90% of the homes auctioned are priced so high that the only bid is from the lender," according to LALand. Not such an easy path to home ownership, these foreclosures?
· Return to Lender [LALand]
· California Foreclosure Sales Reach $12 Billion in First Half of 2007: Up 95% From January to June [Yahoo PR]