Overall notices of default in Long Beach, the first stage in the foreclosure process, are down 6% from last month. This is an important indicator of future foreclosure activity. Such a healthy decrease may indeed signal much lower foreclosure activity in the future.
The hard hit 90805 zip code has seen a 7% total decline from last month in foreclosure activity, with a noticeable drop in notices of default and bank owned properties. This is another healthy decrease that may indicate fewer distressed properties in the area in the near future and a normalizing market.
Both the 90803 and 90814 zip codes have seen a slight increase in foreclosure activity from the previous month. 90814 saw an 8% increase in foreclosure activity and 90803 saw a 5% increase. These areas which were not as hard hit by foreclosure activity as other areas of Long Beach may be showing the effects of falling values of higher end homes.