PropertyShark.com's foreclosure report was just released, and the news is bad to mixed. From an annual perspective, foreclosures have jumped a staggering 69% from last year. But speaking quarterly, Q4 2008 foreclosures in LA decreased 29% compared to Q3 2008—predominately due to a state law that went into effect in September 2008 that added 30 days to the foreclosure process by requiring lenders to show they made contact with certain borrowers. That rule contributed to a temporary slowdown in California’s default filings. Farflung environs like Palmdale, Lancaster, and Sylmar are hurting the most, according to the report.
· Property Shark [Official foreclosure site]