San Diego foreclosures fall to 5-year low

Foreclosures in San Diego County are at their lowest levels in more than five years, while default notices have held steady, show the latest DataQuick numbers released Tuesday.

In May, 426 homes were foreclosed upon, down 51 percent from a year ago and down 19 percent from the previous month. May’s count is the lowest it’s been since February 2007, when there were 383 foreclosures in the county. Foreclosures peaked at 2,004 in July 2008.

The number of default notices, which signal the first step in the formal foreclosure process, fell 1 percent from a year ago to 1,340 but rose 1 percent from April. This leading indicator of distress reached its highest point of 3,832 in March 2009, roughly the start of the robo-signing crisis, when major lenders approved loan documents without proper review.

The county’s foreclosure and mortgage default levels tend to rise and fall in varying degrees month-to-month and year-over-year. To get a better a sense of how distress is trending, here’s a look at how current numbers compare to several averages for both indicators:

Foreclosures, May 2012

12 month average 2 year average 3 year average 5 year average 10year average 89 – present average
689 818 944 1,029 552 325

Current month vs average, foreclosures

12 month average 2 year average 3 year average 5 year average 10 year average 89 – present average
-38.2% -47.9% -54.9% -58.6% -22.8% 31.1%

Mortgage defaults, May 2012

12 month average 2 year average 3 year average 5 year average 10 year average 92 – present average
1,505 1,601 1,901 2,131 1,306 1,078

Current month vs average, defaults

12 month average 2 year average 3 year average 5 year average 10 year average 92 – present average
-11% -16.3% -29.5% -37.1% 2.6% 24.4%

With home prices and sales up, and now news of declining foreclosures, could all this signal the advent of a housing recovery for the county?…”

Read SignonSanDiego.com’s article in full on their website here: “San Diego foreclosures fall to 5-year low”.

John A Silva
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John A Silva

John Silva has over 21 years experience in residential real estate. He is a San Diego native, specializing in helping sellers & buyers, with extra experience in: modifications, short sales, and negotiation.
Contact me today for real estate assistance! (619) 890-3648 | Email me
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