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Health of Pasadena Home market based on Foreclosures?

Zillow doesn't provide a direct method of seeing the trends for how much of the market in an area is "foreclosures", but the Local Info chart information downloads provides a means of calculating it.

Unfortunately, it does take a bit of work, as the % of total units sold is per year, and the % of units foreclosed is given per month.  And you don't just multiply by 12, but you have to add the 11 preceding months to the present month.  Then you can divide to get the % of market that is foreclosures for the year, on a monthly basis.

So here is the chart, showing the 9 Zillow region trends for the city, plus the entire city.
Web address for full sized image:

It appears that about 5% foreclosures is reasonably "healthy", and that for most areas, it doesn't drop below that unless there is a "housing bubble" causing unusually low foreclosures.

It appears that the South Arroyo area is starting to get the foreclosure issue under control, but that the South area that appeared to be reasonably stable with about 10% of the market being foreclosures is beginning to see an increased ratio of Foreclosures to the total market.
  • February 23 2011 - Pasadena
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