The answer may surprise you. In 2010, 27 of the single family Palos Verdes homes that sold were REOs or bank owned properties. That was 5% of the total single family Palos Verdes real estate sales for 2010. This was an increase from the 15 REOs that sold in 2009. Additionally, 3 Palos Verdes homes that sold in 2010 that had a Notice of Default filed.
In 2010, 36 Palos Verdes homes that sold were Short Sales (the holder of the morgage is paid less than is actually owed). This was an increase from the 26 Short Sales that sold/closed escrow n 2009.
Currently, there are 60 single family Palos Verdes homes in zip code 90274 (Palos Verdes Estates, Rolling Hills Estates and Rolling Hills) that are in some stage of foreclosure. 9 of those homes are bank owned (REOs – already foreclosed). There are 123 single family homes in Rancho Palos Verdes 90275 that are currently in some stage of foreclosure; 26 of those homes are bank owned (REOs – already foreclosed). Most of these properties are not listed for sale at this time.
