My last article on foreclosures stated that there are only five foreclosures in the 92037 zip code for sale.  This is correct but after researching Realist.com there actually are 240 La Jolla foreclosures in different stages.

Here are the statistics on the three stages of foreclosures:

115 Preforeclosures

76 Auction

49 Bank Owned

During the preforeclosure the homeowner is given a grace period of three months from the filing of the notice of default to cure the default.  This gives the homeowner time to reinstate his loan by paying back payments and penalities.  If the homeowner does make his payments current then the foreclosure is stopped.

Simply stated, the next step is the bank puts the home up for auction.  Sometimes the home is not sold by auction and the bank becomes the owner and the home is held by the bank.  This is called Real Estate Owned or REO.  Many banks are holding their REO for more information on foreclosures in La Jolla go to http://www.answers.com/topic/real-estate-owned-1 or www.realist.com

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Tags: La Jolla Foreclosed Homes, La Jolla Foreclosed Properties, La Jolla Foreclosures, La Jolla Real Estate, La Jolla Real Estate Market

Posted on Monday, August 24th, 2009 at 1:27 pm and is filed under Foreclosures. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.