The foreclosure market is expected to see a boom in inventory levels later this year as the millions of American homes held up in foreclosure proceedings are dumped onto the market. The rate of foreclosed homes coming to market has slowed in recent months as paperwork and processing delays have held up property repossessions by the nation’s lending institutions. This so-called “shadow inventory” of homes, or distressed properties expected to fall victim to foreclosure, is estimated to consist of well over one million single-family homes in neighborhoods all over the country.

Foreclosures in Redondo Beach

There are currently 10 foreclosures in Redondo Beach, California on the market as active listings ranging in price from $366,000 to $700,000. These are single family residences, as well as townhomes and condos that are in the REO status, meaning that they are currently in foreclosure and owned by the bank.

The Federal Reserve, the Office of the Comptroller of the Currency and the Office of Thrift Supervision reached agreements with the country’s largest mortgage servicing organizations today intended to reform foreclosure practices. Although details remain to be ironed out, the agreements require the lending institutions to identify and compensate victims of the bank’s questionable and, in some cases, criminal practices during the foreclosure crisis that followed the housing bubble burst.