Go Beach!
Peter Viles over at the excellent L.A. Land Blog posted a cool chart showing Southern California ZIP codes with the largest increase in foreclosures (among other useful information).
And guess what?
Out of all of SoCal, Long Beach made it into the Top Six! Go Beach!!
According to the chart, 90814 had 11 foreclosures compared to one in 2007, earning a 1000% increase. Nice!
Now, when you start out with one measly 2007 foreclosure, a 1000% increase isn't that newsworthy. But what is worth noting is that this is in 90814, hardly considered a crappy neighborhood. In fact, 90814 encompasses most of Belmont Heights, considered by many (including me) to be a very desirable part of town (well, parts of it, anyway). Either way, the median price is a whopping $570,000, meaning other so-called "immune" areas are going to start feeling the pressure from these foreclosure comps.
Some other notables:
90805: 119 foreclosures in second quarter 2008, earning the top spot in LB.
90807: 45 foreclosures in second quarter 2008 (the median home here costs $458,000)
90806: 38 foreclosures in second quarter 2008 (an increase of 850%)
Anybody still want to call a bottom (again)?
And guess what?
Out of all of SoCal, Long Beach made it into the Top Six! Go Beach!!
According to the chart, 90814 had 11 foreclosures compared to one in 2007, earning a 1000% increase. Nice!
Now, when you start out with one measly 2007 foreclosure, a 1000% increase isn't that newsworthy. But what is worth noting is that this is in 90814, hardly considered a crappy neighborhood. In fact, 90814 encompasses most of Belmont Heights, considered by many (including me) to be a very desirable part of town (well, parts of it, anyway). Either way, the median price is a whopping $570,000, meaning other so-called "immune" areas are going to start feeling the pressure from these foreclosure comps.
Some other notables:
90805: 119 foreclosures in second quarter 2008, earning the top spot in LB.
90807: 45 foreclosures in second quarter 2008 (the median home here costs $458,000)
90806: 38 foreclosures in second quarter 2008 (an increase of 850%)
Anybody still want to call a bottom (again)?
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