The following is an abbreviated timeline for the most common foreclosure in California, non-judicial. Foreclosures begin with the Trustor (borrower) not making their mortgage payments to the Beneficiary (Lender).  Most lenders do not begin the foreclosure process until the third payment is missed (approximately three months).

*Record Notice of Default (typically three months after first missed payment)

*Set Sale Date (three months after Notice of Default)

*Sale date: Property is sold to the highest bidder 

Let’s simplify this; I don’t make my mortgage payment, January, February, or March.  In April, my lender files a Notice of Default (NOD), in July there will be a  sale (approximately 24 days after the Notice of Default is filed).  So I have not paid my mortgage for nearly 8 months before I lose my home in foreclosure.

Last week brought two new foreclosures to Glendale, none in La Canada, La Crescenta or Montrose.  Of the 27 Notices of Default, 1/3 of them were for La Crescenta properties.  There is one La Canada home in default, it was purchased in November of 2006; we are starting to see a few more defaults in the more expensive neighborhoods. 

Last weeks foreclosures were both Glendale condos:
 
MLS STATS

Jackson purchased June of 2006 $425,000. What's it worth?  A similar unit has been on the market for 15 days with an asking price of $339,000 (subject to bankruptcy court approval).

Kenwood purchased November of 2005 $429,000; this owner attempted to sell it and the unit was on the market for 296 days.  The original list price was $495,000 then reduced to $459,000. What's it worth?  A similar unit was just on the market but the listings expired in February- asking price $418,000.