The number of San Diego County homes that were foreclosed upon in February fell to its lowest level in more than four years, while mortgage defaults remain higher than the pre-recession norm, Wednesday’s DataQuick report shows.
The county recorded 634 foreclosures in February, the lowest it’s been since November 2007. The latest tally of foreclosures is 12.7 percent lower than in January and 29.2 percent lower than a year ago. Foreclosures peaked at 2,004 in July 2008.
Notices of default — the first formal step in the foreclosure process — totaled 1,278, down 9.2 percent from January and down 6.9 percent from a year ago. Mortgage defaults peaked at 3,832 in March 2009.
Monthly and year-over-year changes in both indicators are constantly volatile because they’re heavily dependent on lender activity.
By comparing current foreclosure and mortgage-default figures to 1-year to 5-year averages, we can see decreases across the board…
Read the rest of this article by U~T San Diego here: “San Diego foreclosures fall in February.”