Huge increase in the number of Long Beach Foreclosures
There are several neighborhoods that are witnessing an increase in Long Beach Foreclosures with the highest contribution being made by zip code 90806, which witnessed 38 foreclosed homes in the second quarter of 2008 vis-à-vis 4 foreclosed homes in the second quarter of 2007. The median price at zip code 90806 in Long Beach was $570,000. At the end of the second quarter of 2008, Long Beach is ranked 35 among the top 100 metropolitan areas in the US foreclosure list.
Long Beach has definitely had an adverse effect on California foreclosures and at the end of the final quarter of 2007; the total foreclosed properties were 93,696. Out of the total properties in foreclosure, 45,415 properties went into filings while the foreclosure rate in percentage households was 1.360%. This means that the rate of foreclosure had actually jumped 137.77% since 2006.
Even though there has been a high amount of foreclosed houses in Long Beach, CA; there has also been a steady sale of the foreclosed properties, which is good news for investors and first time homebuyers. In California, 35,202 new as well as Long Beach Foreclosures were sold including condos in the final quarter of 2007 and continued in early 2008 as well. This is a positive sign and is a jump of 6.6% since May 2007 when a total of 33,024 foreclosed homes were sold. The median price for California foreclosures in Long Beach in the last quarter of 2007 was $328,000, which is a fall of 3.2% from $339,000 since May 2007. But throughout the first two quarters of 2008, the median price has remained somewhat steady and experts believe that it will continue to do so.
