Foreclosure activity across the country rose in October, and the San Gabriel Valley now faces the early signs of this shift. The latest ATTOM release reports 36,766 foreclosure filings nationwide, marking a 3 percent rise from September and a 19 percent increase from October last year. The trend positions San Gabriel Valley foreclosures within a broader pattern tied to higher ownership costs and slowing economic conditions.
California recorded one foreclosure for every 3,407 homes, placing the state tenth highest in the nation. Florida topped the list with one in 1,829 units. Shasta, Mendocino, and Kings had the highest county-level rates in California. While the region around Los Angeles did not lead the state, local agents in cities such as El Monte, Baldwin Park, and Rosemead say financial strain is starting to show among homeowners with adjustable mortgage terms or rising insurance expenses.
Local Pressure Builds as Costs Rise…