How many Eastside homeowners will need to be rescued on Saturday?

Photo by Nick Bastian/Flickr

Homeowners who are in danger of losing their properties to the bank are invited to attend a Northeast L.A. Home Rescue Fair on Saturday in Lincoln Heights.  Loan specialists, federal housing counselors and attorneys will be available to meet with property owners and go over records ranging from income tax forms to household budgets to letters explaining why homeowners fell behind on their mortgage.  Homeowners need to register in advance for the fair, which is being co-sponsored  Assemblyman Gill Cedillo. But how many people will show up? It’s not clear but Christopher Furstenberg  of Furstenberg Realty researched the statistics on Foreclosure Radar to get an idea of how many people may need help or are beyond assistance. Below are the results, broken down by Zip Code, from Jan. 1 through Sept. 11.

 Eastside Foreclosure Figures for Jan. 1 – Sept. 11
Neighborhood Zip Code Notices of Default Notices of Trust Deed Sale Bank Owned
Highland Park & Hermon 90042 219 115 56
East Los Angeles 90022 192 92 33
El Sereno 90032 184 86 48
Cypress Park, Glassell Park
& Mt. Washington
90065 178 78 34
East L.A./City Terrace 90063 177 86 40
Echo Park/Silver Lake 90026 120 69 25
Lincoln Heights/Montecito Heights 90031 93 49
Atwater/Silver Lake 90039 91 52 16
Eagle Rock 90041 84 32 15
Boyle Heights 90033 76 34 19
Source:  Foreclosure Radar/Christopher Furstenberg


The Notices of Default column reflect the number of property owners who entered the first stage of the foreclosure process.  Some of these property owners who received a default notice, issued by a trustee, may have eventually worked out their issues to avoid foreclosure, some may have not.  The figures under Notices of Trust Deed Sale includes the homeowners who failed to become current on their loans and have been notified of  the date their property will be sold in a  foreclosure auction.  Finally, the Bank Owned figure shows how many properties were eventually taken over by the bank.

It looks like more homeowners will need to be rescued in the months ahead. The L.A. Times reports that new foreclosure proceedings in California jumped 55% in August from July.

Those who want to register for Saturday’s home rescue fair need to call (323) 722-3955.

No comments

  1. How sad these numbers are. I hope these people get the help they need.

  2. I really don’t see why we are still bailing people out of their real estate debts. When the economy was in free-fall, whatever had to be done to stop that had to be done. But that is long since stopped.

    These people got into an investment — and one that for some years before the crash was loudly warned to be deep into a bubble and a high risk — and took out loans to do so, many lying about their income levels (the so-called “liars loans”) and others playing games with low payments up front followed by huge payments after five years that they never could expect to be able to make. Why are we bailing them out? They were so irresponsible that they crashed the entire economy, making the rest of us suffer for their actions.

    What is the problem with them merely reverting to being renters — like Me, who refused to get into that bubble?! Why should their irresponsibleness get them a house subsidized by me and all the other responsible people, and I get nothing?!

    We aren’t bailing out all the people who lost a TON of money in mutual funds or in small businesses — which suffered because the entire economy was crashed by the irresponsible home buyers bidding prices way too high, not because mutual funds and small businesses were irresponsible investments. Why are we so determined to bail out the irresponsible people even as we leave the responsible ones to suffer huge loses and fend for themselves?

    What is the problem with these people becoming renters again — like me? Why is it fine to leave me renting, but not them?

  3. Tom, I totally understand your frustration. But it’s not so black and white and this event isn’t meant to bail anyone out with your taxpayer money. It’s about the troubled homeowners working with the banks (who we already bailed out) to set up a temporary and sometimes permanent solution to their current situation– ie, refinance current loans or temporarily lower payments. All of which will be paid back at some point by these homeowners, not you. People can lose their jobs no matter how responsible or irresponsible their decision to invest in real estate was.

  4. @Tom – we need to bail them out because at this point it doesn’t matter who got what mortage and why or how responsible/not responsible they are or were. We are on the prescipice of another Depression again (the next free fall could well be far worse than the one you referenced in ’08 and so we must do whatever we can to blunt it…it’s scary). The housing crisis is depressing the entire economy and we can’t move forward until it gets fixed somehow. That same bad economy is affecting everyone. Lay-offs and firings are not based on home ownership they are due (mostly) to economics which became and now are depressed because of the housing mess. In fact I would guess as many or more renters have been laid off as homeowners as they would generally skew younger and lower on the income scale. We can’t do anything about Europe so we have to do what we can here – and the biggest single thing we can do here is to fix this mortgage debacle. Household income/employment/the health of the banks all depend on it. It’s not a moral issue.

  5. Per Census Bureau, there are about 20 million vacant units in the US. 130 million homes, 310 million folks. 50 million below poverty line. In bad times people huddle so you get still more empties. Millions of the empties are owned by banks and FHA, FHLMC, FNMA. No one but No one anywhere has any practical idea what to do about it. We have too many houses, yet so many people are homeless or living in lousy conditions. Give them away, rent them for next to nothing, right?

    Wrong. The GSE’s and the banks would immediately face bankruptcy or government bailout of several trillion. Even if they could get around the accounting rules and they can’t, desperate local governments will demand property taxes from the feds. And the owners will want maintenance money or they’ll trash the place. You’d need a huge new federal bureaucracy to run the program. And so on. It all ads up.

    No we’re not just rich on paper, those millions of houses aren’t just paper.
    We’re going thru enormous changes, we need to learn to live more frugally, manage our resources better, learn to do with less, cut the arrogance BS, the I want it all and I want it now attitude. We need to grow up.

Post a Comment

Please keep your comments civil and on topic and refrain from personal attacks. The moderator reserves the right to edit or delete any comments. The Eastsider's Terms of Use and Privacy Policy apply to comments submitted by readers. Required fields are marked *