According to Los Angeles Business Journal August 1992 issue, every working day in June 1992 about 50 property owners -- largely homeowners -- had their real estate foreclosed upon in Los Angeles County, a near-record postwar rate.

Foreclosures homes for sale

When home owners fall behind on mortgage payments, foreclosures may occur. A foreclosure is a process in which a financial institution repossesses or sells a home or a piece of property because of a loan default. Mortgage lenders usually consider a mortgage to be in default when payments haven’t been made in three months. When a mortgage loan is in default, the mortgage lender can start the foreclosures proceedings of the property.

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