Glendale, Montrose, La Crescenta and La Canada - only one home lost to foreclosure last week!

The sad news is that this Glendale homeowner lost their home because they purchased it in 2006 with a 0 down loan.  This Adams Hill home dropped in value and I suppose the owner made the “business” decision to stop making payment on a home that was over encumbered – it appears they “walked away” from their mortgage.  

Not as many Notice of Defaults last week either... let's hope this is a trend.

                                               And now for some positive Los Angeles real estate news!

*Home buyers can still buy a home with 5% down ($768,000 purchase price)

*Fannie Mae's underwriting criteria allows a seller to pay nearly all of the buyer's closing costs (keeping the buyer's initial outlay near the 5% for the down payment).