By now, everyone has heard that Ed McMahon is facing foreclosure. But what’s happening in my (neighbor) hood? 

Last Week’s foreclosures (Glendale, La Canada, La Crescenta and Montrose):

Crown Ave., La Canada
Purchased in 1980 – refinanced their way to foreclosure

Florencita Ave, Montrose condo
Purchased in 2006 – 0 down payment

Glenmore Blvd. Glendale
Purchased in 1995 - refinanced their way to losing their home

Windsor Rd, Glendale condo
Purchased in 2001 for $175,000 – owed $586,000

California Ave, Glendale condo
Purchased in 2001 for $208,000 – owed $523,000

Justin Ave., Glendale
Purchased in 2006 for $950,000 - owed $1,200,000 

Just as in previous posts, the situations are predominantly due to  homeowners spending their equity until there isn't any left.  When prices dropped they simply owed more than their home was worth.