Tracking foreclosures in: Highland Park

I thought I'd give Redfin's new foreclosure listings database a spin, so I plugged in the ZIP for Highland Park (90042) to see what would pop up. It's good stuff — it shows six bank-owned properties, and the information on each listing is pretty extensive, especially for a free, no-registration service. Highlights:

4210 Via Arbolada #216
Last sale: June 2006, $460K.
Now listed: $329,900

6420 La Riba Way
Last sale: Oct. 2004, $325K
Now listed: $285K

6140 Mesa
Last sale: Sept. 2006, $525K
Now listed: $309K

719 Milo Terrace
Last sale: 1995, $160K
Now listed: $380K

5105 Stratford
Last sale: 2001, $170K
Now listed: $429,900

Put me down as a satisfied user. Would like to hear your thoughts on this one, and what other searches you like, and whether you have to pay for them or not.
Photo Credit: Street scene in Highland Park, L.A.Times

Comments

[Cal]

Interesting choice of locations. If you switch the listing criteria to homes sold in the last 3 months you can see Milla's new dig in there.

I like the idea of what Redfin is doing, but they aren't there yet. There are many foreclosed homes they aren't showing (not sure why). But it is a great idea. The lenders should really work on their communication with the public. They could reduce their expense of sale significantly with a good system.

[tarbubble]

i agree, it's incomplete. it lists seven in my city (Lake Forest), but that seven does not include five that i know of within three blocks of my house, or the at least three in the complex where i own a townhouse. so it can't be relied upon to draw a real picture of how many foreclosures are really available in any given area. probably still have to cough up the cash for foreclosureradar if you want more accurate data.

[JK]

It's Highland Park... enough said.

[sfvrealestate]

Of course, I like the mls for recent sales since I'm a Realtor. But I also recommend the L.A. County Tax Assessor's db for picking up private sales. And you can search all three local mls's for active listings from my website.

[E]

There are lender owned homes that aren't listed as foreclosures on Redfin.

here's an example.

http://www.redfin.com/CA/LOS-ANGELES/
652-N-CAHUENGA-90004/home/7099833

[xtine]

I LOVE it. I think I almost got fired today. My husband and I were shocked at some of the hits people have taken. The house around the corner from us is asking 340, but in 12/07 it was bought for 480. Ouch.

The best part is the foreclosed and regular sales homes are shown together.

Anecdotal and certainly unscientific, but it looks to me like the homeowners are coming down with the prices. The banks are hanging on to these ridiculous numbers.

The annoying thing is, I was looking for properties in Echo Park, and they included props in Inglewood and downtown. Seems like a bug in the system or something.

[thats gotta hurt]

That must be a painful sight to a knife catcher like Milla. Imagine working hard, day in and day out, knowing you overpaid to the tune of tens of thousands of dollars, possibly more.

With all the solid sources of real estate news available online, you have to be willfully stupid to buy now in neighborhoods with plummeting values like Highland Park.

Lesson? Don't buy now. Let those prices keep falling. They're falling in earnest now. Stand back and watch.

[l.a.guy]

I love Redfin, great user interface and great presentation of the information. It does help to have a good internet connection and a large monitor. I've noticed on smaller monitors (15") the map view starts get a little crowded. On a 21" monitor it's great.

That said, they are facing a lot of hostility from agents in the LA area that I have spoken too. (I guess not too surprisingly) I had one seller's agent tell me that no one would deal with me if I used a Redfin agent. Personally I find it hard to believe any seller would turn down a chance to deal with ANY prospective buyer at this point, but Redfin, Ziprealty and the others face a tough challenge in So Cal. I really hope they succeed because I do think it is the model of the future for those buyers who want to do most of the legwork and only need an agent to handle the negotiations and take care of the paperwork.

The first commenter is right though, it seems to me the number of foreclosures showing doesn't match up with the number I have read about while perusing listings. Maybe it's a new check box that listers have to select.

[TakeFive]

Pete -

Decided to give the beehive another whack, eh?

[TakeFive]

Speaking of Highland Park, do you think it's coincidence or just cruel irony that our resident realtor, sfvrealestate, posted Milla’s story on the “Defaults, Short Sales and Foreclosures” page of her blog?

www.judygraff.com/Nav.aspx/Page=Http://
sfvrealestate.blogspot.com

[JK]

Man, when are you guys going to leave Milla alone? She bought, she seems happy, what's left? Geesh!

[Milla]

ok, i'll take the bait. you'll have to forgive me as i've been a bit preoccupied by house work, though i still check in with this echo chamber from time to time. you might be surprised to find out that i'm not at all surprised that prices are falling in highland park as they are everywhere else. when i checked that nifty widget pete posted the other week, it listed about 40 foreclosures in HP. again, i'm not worried as i don't plan to sell my house anytime soon.

5er: yes, judy posted a link to my blog from hers. say what you want about either of us -- and i'm sure you will -- but i'd rather be in her company than yours. thanks for checking in with me all the same. ;)

[kosher krab]

I doubt that this number of foreclosures is any greater here than it has been in years past. Unlike Palmcaster or the Evil Inland Empire there's not too much new construction.

[Fourth Generation]

Milla, you bought, you plan to stay put for a while and was not just an impulse purchase to flip the house. So be happy and don't let people bother you.

[Laker]

kosher krab: "...Unlike Palmcaster or the Evil Inland Empire there's not too much new construction...."

kosher krab, it does not matter the number of new construction to the number of foreclosures. Check out places like van nuys, pacoima, reseda, and even woodland hills...
The true reason we see huge number of foreclosures is houses bought for much more than they are really worth AND with "no skin in the game" by loan buyers. (100 % financing). While it is true that in areas like Vegas, IE, high desert there is an abundant new construction, that only makes it worse as there were simply more sales...not because they are new houses.

[the problemwithcaring]

That must be a painful sight to a knife catcher like Milla.
Posted by: thats gotta hurt

Dude, Milla seems dutifully oblivious to personal responsibility when it gets in the way of what she wants. She bought a house with the city of LA's money, borrowed money from mom and dad to fix it up, and has plenty of options if and as the neighborhood becomes modestly more unlivable. So don't worry about Milla. You should all be so lucky.

And for all those planning a youTube “Leave Milla alone” tribute: Well, Milla's opinions are sort of controversial. I mean, she said, just a month ago, that her ability to buy that 3-bedroom house in Highland Park through this government program meant: ""...the greater point in all this is that the housing market isn't as bad as the headlines would make you believe and that homeownership is once again in reach for the middle-class."

Huh? Talk about narcissism…

If you, as I do, think that a 31 year-old single person shouldn't use precious government budget shortfall funds and "stretch financially" to purchase a house in the current overall declining real estate market, in Milla's estimation you are: an "elitist,” "possibly sexist,” "a doomer," in a "echo-chamber,” an "armchair prognosticators" or a "wishful thinkers".

She has also claimed that: "i know that past markets have taken about 10 years to return to peak prices, but remember that i didn't buy at peak. and given at how quickly prices have already fallen, i do expect a quicker recovery. "

I say that’s debatable.

[Milla]

thanks, JK and 4th -- you're right in that HAPPINESS is what is key. seems to be in short supply around here.

[Uncle Billy]

The desires of the few tend to outweigh the needs of the many. -- Maury Spockopovich

[chubbychaser]

Milla, peteviles just showed you (and anyone else who wants to pay attention) that the type and kind of happiness you keep shilling for - well, it's on sale for half off on Refin...big deal.

[Cal]

Can I officially apologize to Milla? lol.

I just thought it was interesting that of all the zips in LA Peter picked the one where you could see Millas new purchase. I mentioned her name first, it is my fault, I officially rescind all mention of Milla. You may all go back to whatever you were doing before I mentioned Milla.

Thanks.

[Milla]

Cal -- i can't let you off the hook so easily. maybe if you sent me a housewarming gift and a free membership to your fan club we might have a deal.

[Cal]

Free membership is out of the question but I can offer you the same 10% off coupon I offered sfvrealestate. Deals like that don't come around too often so you better act quick.

For a house warming gift I figure I will give you the same gift I give everyone else, a life size poster of me. I think it would look great in the living room.

[Milla]

come on, Cal! it has to be FREE! have some mercy. i have a mortgage to pay now and need to save every penny. otherwise, i might go into foreclosure!!!

and a life-sized poster of yourself in addition to your fan club? and i'm being called a narcissist? sheesh.

[speediejohn]

Highland Park is not plummetting. The part I live in has quadrupled in price since I bought my house in 2000. A slight drop is normal as the balloon market is now levelling out. Some of these homes were way over-priced & not worth what they were going for just a few years ago. The good houses, on the good streets, keep their value. There are factors that are keeping values stable in Highland Park. Close proximity to Downtown LA jobs & an actual functioning Subway line are good alternatives to commutting from the suburbs with gasoline prices as high as they are. The area is in a resurgence. New business's are opening on York including Starbucks & Walgreen's. There are new bars & restaurants, a vintage guitar store & a new Fresh & Easy nearby.

[Cal]

This is why I hate housing right now nobody involved with RE has any money left for my fan club. What the hell am I going to do with 20,000 life size posters of myself.

[peter m]

http://www.latimes.com/news/local/
la-050108-me-gangs-g,0,5593375.graphic

This is a map of the areas which LAPD determined are the gang-infested zones of LA. Notice all the colored areas ringing downtown, such as Boyle hts, east LA, aScentral, rampart, northest LA including glassel, highland park, mt washington area, ect.

The inner ring crapped out districts ringing dwtn are some of the slummiest decayed 3rd-4th world tenement stews in America. And it gets better. The city and state are flat broke and cannot fund gang intervention programs, which means its' open season in LA for gangsta predators.

Good luck in highland park, which is right at the margin, if not within the colored targeted gang -infestation zone.
With the current nasty recession which is getting worse by the minite there will be property thefts galore, ecpecially auto thefts, muggings, home breakins burglaries, business robberies , ect.

I have experience with this stuff and know the streets. Know the gangbangers as well.

Nothing will prevent inner LA from re-ghettoizing, or degentrifying. 2 more years of max ghetto crime waves in the inner ring. Maybe even a riot or two for extra effect.

LA city and it's leaders are pure BS sham, only out for themselves and make headlines. LA is a nasty corrupt stew: better flee out of this third- world tijuana banana-tropolis

http://www.latimes.com/news/local/la-me-
gangs1-2008may01,0,1742910.story

[Milla]

Cal, check with all the renters. i'm sure they're rolling in dough now. it's not like their rents are rising or anything. i bet they'd take some off your hands.

[puckhead]

These posts are GREAT!!! I don’t know when the bottom will hit. But I’m pretty certain that when it does hit, the bitter renters on this blog will miss it because of their hubris of how the bottom is “not low enough damn it!.” Then they’ll still be bitter renters that not only missed the run up of prices, but also the bottom. Now THAT would be funny! And it couldn't happen to a nicer group of people.

[Cal]

The Cal life size posters have been wildly popular with renters for some years now. Unfortunately this has given rise to the "Cal Clause" in standard leasing agreements banning life size posters of me.

[Milla]

leasing agreements with clauses? even more reason to own your own house.

and i couldn't agree with you more, puckhead. all i see around here is self-righteous anger directed at the flippers, the buyers, the sellers, the lenders, the government, even some couple in culver city looking to remodel their kitchen -- no one is spared! -- with all these complaints about everyone's unreasonable sense of entitlement.

but what of the entitlement inherit in screaming about prices HAVING to come down 60%, that santa monica beach house HAVING to drop $300K before it's worth buying, the government bailout that they're too responsible to qualify for. oh, the unfairness of life!! it saddens me so.

[Uncle Billy]

JK, Milla does *not* want to be left alone. She's enjoys being as much of a fixture as [fill in name of longtime lalandian here]. I'm worried though -- If we have the blog party at her house, she and Cal might get into some heavy kanoodling, and that could produce a child that someday would lead us into economic damnation while simultaneously running regression analysis on the sins that get us there.

In the end, per Keynes, we're all dead. Some of us just argue a lot more along the way. Ay dios mio.

[Cal]

Milla:"leasing agreements with clauses? even more reason to own your own house. "

Right, because everyone knows when you buy a house you don't sign a bunch of paperwork or anything.

[Long time listener . . .]

Milla and Puckhead, while I don't own, I also don't consider myself a bitter renter. There was a time, around 2004-2005 when I was confused and bewildered about real estate prices and how my friends could possibly afford it, but not bitter towards the actual buyers, just towards the market. But your dismissal of the facts posted by all of the fairly thoughtful posters on this site seems to me to be an indulgence in self-justification on your point in order to avoid the cognitive dissonance that would set in if you actually realized that you purchased a small house in a less-than-average neighborhood for almost 400k. 10 years ago, you could have bought a house in the Hollywood Hills for that amount. And we are quickly getting back to pre-2000 prices. Incomes haven't increased in those 10 years. More people aren't making more money then they were then. Why should housing have tripled?

We housing bears look at history, data, the facts to come up with projections, while you simply dismiss them as the sour grapes of the plebian class of renters. That saddens me so.

[shockg]

Many of the bitter renters were owners at one time. They sold near the peak. They "shorted' the market with their primary residence. Talk about greed. They don't need to blame the flippers and speculators. All they have to do is look in the mirror.

[Ellie at Redfin]

Hey, Ellie at Redfin here. Glad you all like the new foreclosure data!

Just wanted to clarify that the foreclosures we show on our site exclude pre-foreclosures, where the owner is late on payments but is not yet in foreclosure. We did that because we don't believe those homes are really for sale, at least not yet. If you know of foreclosures in your neighborhood, that may be why they aren't showing up on Redfin. We also don't include auctions, but we might in the future.

[speediejohn]

To Peter M. I have news for you. Gangs are everywhere, not just in Los Angeles. There are Asian gangs, Russian gangs, even gangs of white supremists. They are not all gangs of blacks & hispanics.
I'm well aware of which neighborhoods close to downtown LA are entrenched. I disagree with your theory that gangs & a recession will further erode or degentrify the areas that have made significant progress over the past decade. Quite the contrary. Rising costs will force people away from the suburbs. High gasoline prices will have the worst effect on the bedroom communities like Santa Clarita & the Inland Empire, where it will no longer be economically feasible to commute such long distances. Look around. There are mixed use developments popping up all over Los Angeles in the areas close to public transportation. There's new apartments/condos being built in Hollywood near the red Line. Pasadena has opened similiar developments near the Gold Line. Today the Americana in Glendale opens, just down the road from the metro line. above the shops are condo's and apartments.

I grew up in NYC. I saw the exact same thing happen there in the late 1970's. The country was in a worse recession. Gas prices were high. regardless, property values skyrocketed in Manhattan, Queens & Brooklyn. They've never come down. Despite the urban blight in my former borough of Queens, due to it's close proximity to Manhattan Jobs, property there is still expensive. It's supply & demand. More & more people move to LA everyday. They have to live somewhere.

[puckhead]

Shockg,

I don’t believe for a second that the bitter renters here sold at the peak. If they did, they should pat themselves on the back for making a good call instead of flaming other posters about losing their life savings and flaming others about living in a gang infested ghetto. How about a nice, “good luck with your purchase” post. Look, I use to work and play in the so called “Wall St Casino” and I ran across so many “bitter” people. People were bitter that the market went up and they were not on the train. Then the market went down and they were bitter that the economy was not good but gleeful that many people lost money. But you know what cracked me up about these bitter people? THEY DIDN’T DO A DAMN THING EXCEPT BEING BITTER!!! If they thought the market was overbought, they wouldn’t short it, they just complained. If they thought the market was oversold, they wouldn’t buy, they just complained while all the time saying that so and so was getting what they deserved. Amazing really. Just bitter people that won’t do crap except complain. I’ll take people like Mila anyday who rightfully or wrongfully made a call and actually did something except of just bitching all the time.

[puckhead]

Shockg,

I don’t believe for a second that the bitter renters here sold at the peak. If they did, they should pat themselves on the back for making a good call instead of flaming other posters about losing their life savings and flaming others about living in a gang infested ghetto. How about a nice, “good luck with your purchase” post. Look, I use to work and play in the so called “Wall St Casino” and I ran across so many “bitter” people. People were bitter that the market went up and they were not on the train. Then the market went down and they were bitter that the economy was not good but gleeful that many people lost money. But you know what cracked me up about these bitter people? THEY DIDN’T DO A DAMN THING EXCEPT BEING BITTER!!! If they thought the market was overbought, they wouldn’t short it, they just complained. If they thought the market was oversold, they wouldn’t buy, they just complained while all the time saying that so and so was getting what they deserved. Amazing really. Just bitter people that won’t do crap except complain. I’ll take people like Mila anyday who rightfully or wrongfully made a call and actually did something except of just bitching all the time.

[Milla]

Longtime: there is no question that house prices are falling and will continue to fall. the enduring question of this blog is, of course, about how low prices will go, and we can debate that ad infinitum without any one person being right -- it's just too soon to tell.

the perspective that people like puckhead and myself bring to the discussion as folks who were/are out there is that it's not as dismal as your median data -- which is being skewed by the low end -- would have you believe. numerous times i was outbid by other buyers on good houses, which are still holding their value (somewhat).

will it be a good time to buy in a year from now? of course, but that doesn't mean there aren't good bargains to be found now. however anyone times the market is a personal choice. for me, it made sense as a single person who needed more write-offs to take the plunge now so i could enjoy the tax benefits of homeownership for the next few years, even though my house will likely lose value. for my situation, that made the most financial sense. for others, maybe not.

let me go on the record to say i don't think all renters are bitter. i know plenty of them, and i don't begrudge them or you for renting in a market when prices are falling. but i have faith that those prices will rebound as they have countless times before, which is why i became a buyer.

p.s. median incomes have increased in the past 10 years along with home prices, food prices, gas prices, etc.

[Milla]

speedie: YES! one of the reasons i chose to move to highland park, beyond just its affordability, was its proximity to the gold line. i work downtown and have to pay a monthly fee just to park at my job. i can't wait to start taking the train to work to save on gas, parking and car repairs.

as long as i've lived here (since i was 3), all i've heard about is how badly LA needs a metro. now it's finally happening.

[Long time listener . . .]

MIlla, adjusted for inflation, median incomes have not increased. In 1999, the median household income for LA was $42,189, in 2004, it was $43,518. Not much different. If you adjust for inflation, median incomes across the country have basically been stagnant since the 1980's. The only significant increases have come at the very top of the income spectrum. I'm not trying to be overly critical of your decision to buy a house, but unfortunately you spout out facts and reasoning that doesn't make sense, opening yourself up to this type of criticism.

However, I sincerely hope you are happy in you home, as I one day hope to be happy in a home of my own. Just at about a 50% discount from what you paid.

[LA Land Blog watcher]

To "Long Time Listener": When you finally buy a house (which probably will never happen; you'll be waiting for prices to keep dropping) I hope you'll be as brave as Milla and sign your real name and address, so we can make comments on what a wise or unwise decision you made.

[Long time listener . . .]

LA Land Blog watcher, will do. But rest assured, I won't buy if I don't think its in my long term interest, even if prices don't keep dropping. I haven't bought into the hype that owning a home is the key to wealth, especially at these prices. The key to wealth is maximizing return on investment. If you think of owning a home as an investment, well, you are not very smart, because unless you time the market extremely well (as many people did the last few years) historical returns over the past two centuries on housing is about equal to the rate of inflation.

I think of a home as a place for my family, a roof over our heads. If its advantageous to own, then I'll buy. But when I can rent what people think is a million dollar house for 3500 in West LA, obviously renting is a much smarter choice. No reason to spend over 50% of my take home on a house I can rent and spend a much smaller percentage. That spread is also why I believe housing prices in LA have a long way down yet to go.

But thanks for coming to Milla's defense. I was just pointing out some statistics, you can keep up with the rhetoric, because that's about all the housing bulls have at this point.

[Laker]

Milla,
Incomes have increased at the rate of inflation. That means that house prices should have increased by the same rate of inflation. The thing that distorted that was record low interest rates and record crazy mortgage products. Since these crazy mortgage products are gone, you take away half of the buyers. Now, interest rates are just rising, the fed can't do sh** to stop that. They only have 2% left in the tank, and any lowering will push inflation high and long term mortgage rate high.
Also, any major bad news for stock market, and the fed is really running on fumes now....there is no gas in the tank...beware....

Plus LA Land Blog watcher, Milla never gave her address here so why you expect long time listener to do so. Although using public records you can find her exact address, that is none of you business.

[Milla]

thank you kindly, blog watcher. it's good to see that nice folks read this blog, too.

and reread your initial comment, Longtime. there was no mention of inflation, only the erroneous comment that median incomes haven't increased in 10 years, which is absurd. also absurd is your assertion that my reasoning to buy myself a house must be wrong just because you disagree with it for your personal situation. that's pretty short-sided.

as you said, homes are for shelter and security, not an investment. i agree with that, which is why i decided to buy now instead of waiting for some unknowable bottom to occur. when you make it entirely about money, you can disagree, but as i've said numerous times here, it's not strictly about money for me. prices may fall now but they will rise again. in the meantime, i will enjoy my home.

[wha]

Can everyone just please stop making all of these idiotic generalizations about others, particularly "bitter renters"?

It's really tiring have to wade through these posts with nothing really worthwhile to say. Yeah that's directed at you shockg and puckhead... always the same old tired attacks aimed at "bitter renters". Talk about echo chambers, sheesh. So just stop the stupidity and grow up, okay?

"We housing bears look at history, data, the facts to come up with projections, while you simply dismiss them as the sour grapes of the plebian class of renters."
Well said, Long time listener. Thanks.

[LA Land Blog watcher]

To Long Time Listener and Laker: Milla found and bought her key to happiness (and eventual wealth) and she's fine and happy in her new home. "Listener", I'm not full of rhetoric, you are, so get over your bad self. Laker - if you read all the blogs, you don't need public records, if you get my drift. Get over yourself also.

[Uncle Billy]

Question: anyone see the return of "rooming houses" yet? Any old timers know if these enjoyed any special distinction zoning-wise, or were they just regular houses?

I remember seeing an online rental listing in the valley. Someone had built a large new gated house and it was advertised as having 12 bedrooms, each with its own bathroom -- $1,000 to rent. I wonder if it was built ahead of time as a rooming house or maybe it was set up with some weird allowance for senior care, or perhaps meant to serve as an inexpensive way to house porn actors. What's the deal?

[Sean O'Toole]

While I applaud Redfin for innovating in this space, please don't think this is anything close to a complete view of current foreclosure activity. These are just listings of bank owned properties pulled from the MLS or bank websites. It does not include bank owned properties that are not yet listed, or properties that are still in foreclosure.

Sean