Archive for June, 2008

Santa Monica rates among lowest for foreclosures

Today’s LA TIMES (June 5) had an article about foreclosures and a feature that allows you to enter a Zip Code in the five-county area  (Los Angeles, Orange, Ventura, San Bernadino, Riverside) and see where your Zip Code stands with respect to foreclosures.

http://www.latimes.com/classified/realestate/la-caspio-foreclosure-search-q12008,0,7122944.htmlstory

Note:  this link will expire in seven days due to how the LA TIMES manages their site.

The survey used a metric of how many households per foreclosure.  The higher the number of households, the better.   One of the Zip Codes in the Palmdale/Lancaster area was absolutely appalling with one foreclosure for every 59 households.

Of the 498 Zip Codes with data, Santa Monica did very well:

90402 (north of Montana)  was ranked 485.

90403 (north of Wilshire) ranked even better…489.

90404 (central Santa Monica) was a still outstanding 475.

90405 (Sunset Park/Ocean Park) was 481.

90401 (downtown area)… one of the top 10!  No foreclosures at all first quarter.

All real estate is local.  As I’ve said before, there is no such thing as the real estate market, there are hundreds of markets defined by narrow geography, property type, and price range.   For all the gloomy newspaper headlines, Santa Monica is holding up very well, supporting my contention that Santa Monica goes up more in an up market, down less in a down market.

Places like Palmdale, Lancaster, parts of the San Fernando Valley, San Bernadino, etc. may be experiencing severe difficulties but the downturn in Santa Monica is very mild.

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June 5, 2008 at 9:33 pm 1 comment


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