There were 11 Notices of Default (NOD) last week; three in La Canada.  One of the La Canada NOD’s is presently listed, one was purchased in 2005 (likely owe more than their home is worth) and the other purchased in 1992 (maybe spent their equity???). One NOD for La Crescenta, another in Montrose, the remainder in Glendale.

The foreclosure analysis:

Montrose – house with guest house
This property was purchased in December 2005 for $605,000.
At time of foreclosure $715,500 was (plus arrears) owed.

Glendale’s Chevy Chase Canyon
This home was purchased August 2005 for $700,000 with 0 down financing.

Glendale – Northwest – Brand Park, adjacent
This home sold in November 2005 for $869,000.
Was recently listed for $788,888 as a short sale (another short sale that didn’t sell!).
At time of foreclosure $869,000 (plus arrears) was owed.

Glendale Northwest – Brand Park adjacent
This home was purchased in 1999.
At the time of foreclosure $381,000 (plus arrears) was owed.
This is a 2 bedroom on a 3100 sq ft lot –the $381,000 was likely more than the home’s present value. 

Glendale Condo – Glendale High adjacent
Purchased September 2004 for $330,000.
Relisted in 2005 and on the market for 126 days without selling @ $359,000.
At time of foreclosure $579,000 (plus arrears) owed.

Glendale Condo – Financial District adjacent; This Glendale unit has bad Karma "written all over it":
Purchased in 1997 as a “short sale” for $125,000
Relisted in 2002 $324,750 – didn’t sell
Relisted in 2005 $639,000 – didn’t’ sell
Relisted and Reduced later in 2005 $599,000 – didn’t sell
Relisted in 2006 $599,000
At time of foreclosure $578,800 (plus arrears) owed.
Interesting to note that this owner deeded title to Wilshire Holding Group (apparently) believing that this would “save” their credit because they didn’t own it at the time of foreclosure.  From what I understand: As the owner agreed to pay back the loan to the bank, the loan was in their name, when the unit foreclosed the credit “ding” is against the borrower NOT Wilshire Holding Group because it doesn't matter who the current owner is, only who "promised to pay".