Yes, we do have foreclosures in Palos Verdes real estate. Currently there are 2 active single family residences and 1 condo that are REOs (or bank-owned properties). 669 Via Del Monte, Palos Verdes Estates, is a 4 bedroom, 3 bath, 3,469 square foot home listed for $1,449,900. 4053 Via Pavion, Palos Verdes Estates, is a 4 bedroom, 3 bath, 2,336 square foot home listed for $999,900. 3601 W Hidden Lane #121, Rolling Hills Estates, is a 2 bedroom, 2 bath, 1,131 square foot condo listed for $415,000.
Although Palos Verdes is not immune to foreclosures, our rate is much lower than most of Los Angeles County. Since the beginning of the year, 10 single family residences and 10 condo/townhomes that have sold were REOs. There are currently 2 single family residences and 1 condo/townhome that have pending sales and are bank-owned.
According to the Los Angeles Times, “Signs are emerging that a much feared escalation of California home foreclosures may not happen, as banks respond to government pressure and scale back their repossessions of troubled properties.” It appears the banks are working with homeowners allowing loan modifications and short sales. This will assist in the stabilization of the real estate market.
Graph courtesy of LA Times
