Last week, there were eleven notice of defaults (NOD’s); ten were in Glendale, one in La Crescenta and none in Montrose or La Canada. Last week’s foreclosures:

One on Ocean View in La Canada’s SageBrush neighborhood, which is not the La Canada school district. This home was purchased in January 2005 for $699,000 and most recently listed for $854,950.  At time of foreclosure there was a first and second totaling $807,500 (plus arrears).
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*This Glendale "short sale" condo was listed for $335,000. Purchased in December 2005 for $399,000 – amount owed on first and second at time of foreclosure $362,000 (plus arrears).  This home buyer sadly lost their down payment; this wasn’t 0 down and this wasn’t the case of refinancing and spending their equity.  According to the MLS (multiple listing service) remarks: “Lender wants sale AS-IS. I am reviewing the comps daily to adjust the price to the lowest reasonable amount. Show this with confidence - I am a trained SHORT SALE SPECIALIST and can get the deal done. We will continue to show the property in Active until we get an approval from the lender.”

Another short sale that didn’t sell and imagine this one was listed with a “specialist”.  One of the many short sale problems is that EACH lender/investor is different in what they will and won’t do. 
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*And another Glendale short sale that didn’t sell: This condo is on Alpha Rd., purchased in 2003 for $145,000.  When foreclosed, fist and second liens totaled $325,000 (plus arrears). Short sale listing at $300,000.  Of more interest to this short sale gone nowhere except to foreclosure is the fact that it was tenant occupied.  MLS showing instructions:  “drive by only, offer subject to inspection”.  I wonder if this tenant knows that this Glendale condo has been foreclosed.  _________________________________________________________________________________________
And then another condo in Glendale on Salem, purchased in 2007 for $630,000; at time of loss, first and second totaled $630,000 (plus arrears). This was apparently a case of 0 down financing and a tumbling market.