28% of July homes sold in Pasadena were distress sales; June’s figure was 15%

28% of the Pasadena homes sold were foreclosure or short sales – over one in four households left their home because they could no longer afford it.  The number is higher; but I have no means to track the standard sales to determine how many of those sold because the owners could no longer afford them. 

These numbers are staggering.  As a Los Angeles real estate agent, I talk with people nearly every day who owe more than their home is worth.  Often as much as 30%.  I meet people who have lost their jobs and can’t afford their mortgage, families who have had horrific medical expenses, people who just can’t afford to continue to pay their mortgage – especially in light of the fact that they owe so much more than the value of their home.  They simply can’t afford to hang on any longer. 

I would love to hear from someone who has had a successful long term loan modification.  I have heard from homeowners who have been offered lower payments in exchange for a forty year loan instead of thirty.

July’s number of foreclosures more than doubled from June

Number of homes sold is highest for the year

Average selling price is also highest for the year

Related Posts:  Distress sales in Pasadena for June down to 15%