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Some high-end homes are listed at foreclosed home listings and are offered at prices way below their original market value. This has resulted in fewer expensive home sales, even in California. However, recent data showed that the state sold higher number of multimillion dwellings last year compared with previous periods.

Sacramento foreclosed homes listing and distressed property listings in most areas of California continue to account for a large percentage of the state's home sales, resulting in lower dollar sales equivalent. However, some markets like Orange County posted higher luxury home sales last year despite tough competition from low-priced dwellings. The county reported a 25.7% sales increase of million-dollar houses in 2010, although overall housing unit sales in the region declined from 2009 levels.

The percentage of home sales accounted for by California foreclosed homes listing properties has been increasing in the past few years. However, Orange County did well last year by selling over 3,000 houses that are worth at least $1 million. The figure was the highest total recorded for the segment in the past three years and also the first time in a five-year period that houses within this price range recorded a sales increase.

For the whole state, properties under foreclosed home listings still accounted for a huge percentage of total residential property sales, but more expensive homes seemed to be making a comeback. Statewide statistics showed that 22,529 dwellings priced at least at $1 million got sold in 2010 in California, with some selling for as high as $50 million.

The figure for luxury home sales in 2010 represented a 21% increase from the previous period and was the highest recorded in the state since 2008. The peak of million-dollar home sales in California was in 2005, when over 54,700 of such units were sold. Although low-priced properties like those in fixer upper listings still sold at high numbers last year, the luxury home market did gain some ground over such properties.

Analysts stated that the rise in sales of multimillion dollar houses does not mean that homebuyers will be turning their backs on foreclosed home listings. They stated that foreclosures will continue to account for a big part of total housing unit sales in the region in the next few years.

The rise in number of home loan defaults in California in June is expected to put more properties into repo foreclosed homes listings across the state, based on an analysis of state foreclosure data.

The percentage of delinquent mortgages in California has increased to about 10 percent of all mortgage loans, which means that one homeowner out of all homeowners with home loans across the state has missed monthly loan payments and has received a notice of delinquency.

In Los Angeles County, the percentage of borrowers in default is the same as that of the state, which is around 10 percent.

Notices of default are the first notices sent to homeowners when they miss their loan payments. This notice also marks the first stage of the legal foreclosure process.

Last June, the percentage of delinquent mortgage borrowers in Los Angeles increased to 9.9 percent of all homeowners with home loans, an increase from 9.5 percent in May. The default rate also marked a nearly two-fold increase from the 5.2 percent delinquency level in June last year.

Across California, 9.5 percent of all homeowners with mortgages were delinquent in June, an increase from the 9.2-percent level in May and a substantial increase from the 5.8-percent delinquency level in June last year.

What decreased in California and in Los Angeles County in June were completed foreclosures and the number of properties entering banks and lenders? foreclosed homes listings. In June, the repossession rate in Los Angeles County was 0.9 percent of all mortgage loans, a drop from the 1.2-percent level in June last year.

Across the state, the lender repossession rate was 1 percent, a drop from the 1.6-percent level in June last year.
Clearly, completed foreclosures and repossessions were lagging delinquencies.

Analysts say many banks are controlling their foreclosed homes listings to prevent sharp declines in home prices. Putting hundreds or thousands of their foreclosure properties in one batch would push down home prices to their lowest levels and would cause more bank losses.

Other banks say foreclosures are not yet showing in their foreclosures homes because they are complying with moratoriums imposed by federal and state governments. Many also say they are waiting for revisions in foreclosure prevention programs implemented by the federal government.

All the same, according to housing analysts, with the rising default rates across California, more residential properties are expected to enter foreclosed homes listings in the coming months.

Foreclosure listing sales are increasing in affluent places in San Diego County such as Solana Beach, Rancho Santa Fe, Carmel Valley, La Jolla, Del Mar and Point Loma and other central San Diego gated neighborhoods, as shown in reports of San Diego County foreclosure listings in May.

During the first year of the housing crisis, foreclosure inventories were overloaded with homes located in low-income neighborhoods as these where subprime borrowers lived.

But the persistence of the worldwide recession extended the arms of foreclosures into the enclaves of the rich, as stock markets, financial multinationals and non-housing industries also collapsed. Even executives who were well-ensconced in their positions were affected by layoffs.

Previously, gated neighborhoods and more affluent communities were thought to be immune from foreclosure actions because people who lived in these areas obtained prime loans and had higher-income occupations and businesses.

In May, there were nearly 1,000 foreclosure listing homes sold, an increase of over 9 percent from sales in April, but represented a 36.7 percent decrease from sales in May 2008. There were 3,059 default notices, a 9.3 percent decline from April and a 2.5 percent drop from May 2008.

In May, sales of foreclosure homes in several affluent areas reached record levels.

In the Carmel Valley area, where most homes are priced around $676,500, a total of 44 default notices were sent to homeowners in May, an increase from the 14 notices sent in May 2008.

In the affluent coastal community of Del Mar, sales of foreclosure homes totaled 54 units.

For many months, affluent homeowners use their resources to withstand the effects of the foreclosure crisis, but as the recession persisted and worsened, their investments and income-producing businesses faltered.

Real estate analysts contend that foreclosure listing prices of houses in affluent neighborhoods will increase the level of median home prices in San Diego, even if the higher-priced homes are sold at a discount because of their rising sales pace.

In the neighborhood of Kensington-Normal Heights, out of 43 homes sold in May, 29 units were foreclosure listing sales. The median price was $304,000 a 17 percent decline from the price in May 2008.

In Hillcrest-Mission Hills, where most homes are priced around $416,000, out of the 39 home sales in May, 21 were foreclosure listing sales.

Housing analysts said that the major factors for the rise in foreclosure listing sales in more affluent areas are the loss of high-income jobs, collapse of businesses and the difficulty of getting jumbo home loans.

California still leads other states in foreclosed home listings, based on foreclosure data released by California-based real estate research firm RealtyTrac.

Foreclosures mean misfortune for thousands of homeowners. But some get creative and tried to make something positive out of the crisis.

In an effort to help control the rising number of foreclosures homes statewide, California Attorney General Jerry Brown has released an order requiring all foreclosure prevention counselors and consultants to register with his state office starting July 1.

A law granting a 90-day foreclosure moratorium has been signed by California Governor Arnold Schwarzenegger.

According to MDA DataQuick, 52.1% of all home sales in San Diego last month are foreclosures. Compared to the previous years? records, median home prices now are very low at $305,000, from its peak of $517,000 in November 2005.

California Governor Arnold Schwarzenegger has introduced a 90-day foreclosure moratorium. He called on for the implementation of the moratorium unless the banking industry can offer a comprehensive program to modify home loans that are on default.

California foreclosures are still on the rise despite pressures exerted by government officials on mortgage companies to help families with troubled mortgages. In a survey conducted by the nonprofit group California Reinvestment Coalition last April, homeowners who sought help from mortgage counselors still ended up in foreclosures. The data was taken from mortgage counselors coming [...]