Los Angeles Foreclosure Homes for Sale Remain Costly

The county of Los Angeles is still one of the most pleasantly livable in all of the United States. It is not surprising that the area has always been one of the hottest property markets in California. Non-residents are always found seeking and buying Los Angeles foreclosure homes for sale. Prospective homebuyers know that buying foreclosed homes is still the best alternative to buying a new house in the county.

As of August 2008, it was estimated that there were a total of 11,000 Los Angeles foreclosure homes for sale in the market. The large number gives more homebuyers greater opportunities to buy and own residential assets in the area at significantly marked down tag prices. Many analysts even assert that the foreclosure market in the county has become truly saturated.

Los Angeles is among the most populated counties in the country. There are 10 million residents in the area, and the number is constantly and continuously rising. In fact, Los Angeles is home to about 25% of all people in California. Thus, Los Angeles foreclosure homes for sale are very in demand, as there are numerous homebuyers who aim to purchase dwellings at reasonable prices.

Prices of homes in Los Angeles have only dropped 7% amid the national housing industry slump. It is just logical that home prices in the area remain high. As for Los Angeles foreclosure homes for sale, markdowns reach as high as 20% to 30%, still not as high as those in other states, but can already be reasonable enough for Los Angeles purchases. Despite its foreclosure crisis, Los Angeles is still noted in the country as one of the areas where homes remain expensive, both new and foreclosures.

By: Joseph Smith