California is one of the states that have been hit the hardest by the credit and housing crisis.Â Â Of course California real estate market canâ€™t be generalized and itâ€™s all about location.Â Weâ€™ve had a lot of Los Angeles foreclosure listings but Los Angeles real estate is also too general and each submarket is different.Â The Beverly Hills Real Estate, Brentwood real estate or Santa Monica Real estate markets havenâ€™t had a major reduction in price but San Fernando Valley real estate has had a relatively major downfall in value.Â Â Those buyers who are looking for affordable homes for sale in the Los Angeles area should take a look at the San Fernando Valley real estate markets including Woodland Hills real estate, Reseda real estate or Tarzana real estate specially foreclosure listings. The more desirable areas in San Fernando Valley including Sherman Oaks real estate, Studio City Real estate or Encino real estate have also had their share of foreclosure listings and value reductions.Â Â Â Â
One of the Los Angeles submarket that has had a major housing downfall is Woodland Hills.Â A lot of Woodland Hills homeowners bought or refinanced their homes at peak of the market.Â Now, they owe more on their homes than they were worth. Â Â The Woodland Hills residents are mostly families with children and still a great area to raise a family.Â The price of the Woodland Hills homes dramatically decreased and as a result, it has become an affordable area for many home buyers.
Just to give you a snapshot of Woodland Hills Foreclosurecurrent inventory, there are about 98 distress properties, meaning short sale and foreclosure in Woodland Hills area.Â Out of 18 foreclosed properties, 12 of them are single family homes in Woodland Hills, 6 foreclosed condominiums in Woodland Hills.Â The price range for Woodland Hills foreclosed homes are from $120K to $1M+.Â As far as Woodland Hills real estate, there are about 203 available homes which approximately 25% of them are bank owned or in pre-foreclosure status.Â
Â These days, finding bank owned homes or short sale homes are easy.Â Many of the Los Angeles foreclosuresare listed online and you can easily take a look at what is out there. You can often see photos of the homes that are on the market. Years ago, the only homes that went into foreclosure were those that were in blighted areas. Today, however, there are homes in the swankiest areas in Los Angeles that have been foreclosed upon. Even some celebrities have faced foreclosure in LA. If you want to see what is out there before you make your move, you can go online and take a look at the Los Angeles foreclosure listingsthat are provided by agents who usually work for banks. If you see something that you like, then you can work with an agent to make an offer. You can usually make an offer for less than the listing price when it comes to Los Angeles foreclosures.
Most of the Los Angeles foreclosuresare in good condition as banks can foreclose without going through the court system in California. You can find a great deal of bargains when it comes to homes in this area if you take the time to look at the Los Angeles foreclosure listings that are available. This can be your ticket to paradise in sunny Los Angeles, California and it does not have to cost you a lot of money.