Foreclosures are low because of home price appreciation.
According to U-T San Diego, “Large gains in annual home price appreciation have continued to help keep the number of foreclosures in San Diego County at pre-Great Recession levels.”
Per DataQuick, within the month of February 2014, 141 properties were repossessed by banks in San Diego county — which is down from the 252 foreclosures a year ago. It’s also the lowest amount of February foreclosures since 2006 (when only 40 properties were repossessed by banks).
The small amount of foreclosures is credited (by U-T San Diego) to the fact that home values have recovered somewhat in 2013. While appreciation was a bit slower in February than in June, “median values were still up annually by 14.2 percent — to $416,000″ (U-T San Diego).
The median value increase makes it easier to sell your home in a short sale if you’ve received a notice of default and are unable to make your mortgage payments. If you, or someone you know, are wondering what your options are, give me a call.
Through my experience in handling distressed properties, I’ve found that homeowners today have more questions than answers about their circumstances. I’m here to help you understand the possible solutions to foreclosure, as well as provide a detailed explanation of short sales, which may be the best course of action for some homeowners. I have personally closed 100s of short sales successfully.
The idea of losing your home can be overwhelming, and I feel it’s vital for you to have all the facts necessary to make an informed decision. If you would like to know more about your options, please call me at (619) 890-3648.
I am here to help you in any way I can.