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Foreclosure rates jump 10%, but are better than LA County’s average

July 17, 2009

Home foreclosures and loan default notifications jumped by 10% in June and were 55% higher than they were a year ago, but rates remain far lower in Glendale, Burbank and La Canada than averages for Los Angeles County and California, according to real estate firm RealtyTrac.

While one in every 62 housing units in the county went into foreclosure during the first half of 2009, only one in 110 Glendale homes shared the same fate, RealtyTrac reported Thursday.

The rates were better in Burbank, where one out of ever 111 homes went into foreclosure, and La Canada, where one in 148 homes were taken over by banks, according to the firm.

Although the area’s 424 foreclosures and default notifications are much higher than they were in June 2008, when 274 occurred, the latest local trends show that home values are significantly more stable than elsewhere in the region, experts and real estate agents said.

Check GlendaleNewsPress.com for updates on this story.

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