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Article: Subprime loans concentrated in low-income areas: L.A. County's defaults double in fourth quarter.(PROPERTY)
- Article from:
- Los Angeles Business Journal
- Article date:
- March 19, 2007
- Author:
CopyrightCOPYRIGHT 2007 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Risky subprime loans account for at least a fifth of all mortgages issued in nearly 30 Los Angeles County ZIP codes over the past two years, and for at least 10 percent of loans in another 107 neighborhoods, according to a Business Journal analysis of house and condo sales data.
The review showed that the loans, increasingly being defaulted upon by borrowers, are concentrated in lower income areas of South Central Los Angeles, Latino neighborhoods such as Pacoima and high desert communities such as Palmdale and Lancaster. In one Willowbrook neighborhood, an area near Watts, the loans totaled at least 27 percent of all mortgages. (The 27 percent figure and all ...