As part of selling Palos Verdes real estate, I keep updated on area statistics, Palos Verdes homes for sale, new software, etc. Today, I attended a class which showed us new features of our Multiple Listing Service which included searching for specific data in several different categories. I looked at distressed properties sales in Palos Verdes to see how it compared to Los Angeles County, the State of California and nationally as reported in a recent LA Times article (click here to view article). As you can see from the chart above, only .5 – 1% of Palos Verdes homes are in foreclosure.
71 Palos Verdes homes (all categories, including condominiums and townhouses) are in Pre Foreclosure which means a Notice of Default has been filed. 11 of those homes are currently listed for sale and 3 more are in escrow with pending sales. 107 Palos Verdes homes (all categories) are scheduled for Auction which means a Notice of Trustee sale has been filed. 10 of those homes are currently listed for sale and 7 more are in escrow with pending sales. 44 Palos Verdes homes (all categories) are REO properties which means Real Estate Owned (the bank has already foreclosed). 7 of these homes are currently listed for sale and 4 more are in escrow with pending sales. The middle chart indicates the number of Palos Verdes houses in foreclosure and shows there are 50-100 in zip code 90274 and 100-150 in zip code 90275.
We are very fortunate that the number of Palos Verdes real estate foreclosures is less than both Los Angeles County and the State of California. That lower rate of foreclosures is one of the reasons our real estate market more stable.
Charts courtesy of CRMLS – Realist Tax
