The city of Arcadia is the focus of this week’s Foreclosure Friday. Arcadia is known for it’s strong school district, Santa Anita Racetrack and plenty of shopping and restaurants.
Housing in Arcadia is varied with close to 20,000 units including single family homes, condos and townhomes. Arcadia homes can range from mid $300,000 range to as high as over $7 million.
Read More: Arcadia Homes Over $5,000,000
An average Arcadia home will most likely have 4 bedrooms and 2.5 baths with around 2,300 sq. ft.
Here are the latest Arcadia real estate statistics for your review:[altos_stat_table st=”CA” cid=”1913″ zid=”2874649″ rt=”sf” format=”wide” endDate = “2010-04-16″/]
Given that there are so many housing units, we can only expect quite a few foreclosures on the market. Let’s take a look:
Here’s the foreclosure breakdown:
- There are currently 11 bank owned homes
- 75 Arcadia homes have been scheduled for an auction sale
- An additional 53 homes have received Notice of Default
These numbers seem overwhelming considering that we currently have 154 homes for sale in Arcadia. However, what we’ve seen in Pasadena and pretty much across California is that banks are not quick to foreclose.
We see that by looking at the historical data and seeing that quite a few auction sales have been canceled and the banks take longer and longer to actually foreclose on homes. Let’s take a look at the following chart from Foreclosure Radar:
As you can see, there are more cancellations than actual foreclosures or sales.
Now… let’s see how long it is actually taking the banks for foreclose over the last year:
Ultimately, the financial institutions are holding off on foreclosing on homes as a rational business decision. It makes more sense for them to hold on to properties that are not performing vs foreclosing and taking an immediate loss on a multitude of homes. That is why, in my opinion, we are seeing foreclosure homes trickling out very slowly in Arcadia and surrounding areas.
Here’s a list of available Arcadia bank owned (foreclosure) homes:[idx-listings linkid=”67333″ count=”50″ showlargerphotos=”true”]
As always, if you have any questions about Arcadia real estate or the foreclosure status, give me a call at 626-629-8439.
PasadenaViews Real Estate Team
Real Estate Agents