Foreclosure’s are increasing in Pasadena. The map below indicates properties in some stage of the foreclosure process. The colors represent what category the property is in. A green pin means that the property is in the “preforeclosure” stage. A notice of default has been filed informing the owner that unless the debt is brought current the bank will proceed to auction. The blue marker indicates that an auction date has been set while the green depicts the bid at the auction was not acceptable to the bank, and the property did not sell. The bank has now repossessed the property.
More Activity in North Pasadena
Most of the foreclosed property seems to be north of the 210 freeway and more heavily confined to the zip codes 91103 and 91104. Approximately 31.5% of the properties are located in 91103 and 26% are located in 91104. Sellers who are trying to sell thier homes in these areas are finding the process more difficult. Things have tough already, and now they are competing with all of these other distressed properties that are having a negative effect on home values.
A Growing Number
Since I first reported on the area foreclosure activity in November the numbers have grown by about 27%. As an example, we reported 78 properties in “foreclosure” in zip code 91103, and now the number has risen to 104, and in zip code 91104, it went from 71 to 86 this month. We will probably see these numbers continue to grow as many adjustable rates begin to reset. Also the sales volume was very cyclical in the past two years. By that I mean the Spring selling season would typically begin late March and early April. Add a 30 day escrow period and many homes would transfer possession in May. Begin to look for a spike in April or May as these anniversary dates appear.
Single Family Most Common
Single family homes comprise the greatest amount of properties in the foreclosure process. There are 212 single family properties making up 65% of the total. This is followed by condo’s/town homes with 57 units or 17% and then by multi-family units. Multi-family units are defined as 2 or more units.
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