Tag Archives: defaults

Foreclosure registry measure passes in San Diego

Banks will now have to register San Diego city homes in the foreclosure process into a tracking database starting early next year.

The new requirement, approved by the City Council on Tuesday on a 5-3 vote, is meant to help city code enforcement officers track and address potential problem properties, which could trigger crime, safety issues and drops in property values. Council members Kevin Faulconer, Carl DeMaio and Lorie Zapf opposed the measure.

Under the new ordinance, lenders will have to provide accurate information of the responsible contacts of such homes upon the filing of a notice of default, which is the first formal step in the foreclosure process. Similar ordinances exist in 70-plus other California cities, based on council documents.

“We could get another wave of foreclosures and defaults,” said Councilman David Alvarez, who was the key council supporter of this ordinance. “This will prepare us for the next wave.”

Center on Policy Initiatives and Alliance of Californians for Community Empowerment were the main drivers of the ordinance.

Banks will have to pay a $76 fee for each property within 10 days of the notice of default filing. If lenders fail to do this, they will face a fine of $100 a day, capped at $5,000 a year.

San Diego County has suffered through more than 65,000 foreclosures since 2007, mainly the result of reckless lending practices…

Read the rest of this article by U~T San Diego here: “Foreclosure registry measure passes in San Diego”.

Mortgage defaults at 6-year low

mortgage defaultsMortgage defaults, the first sign of a foreclosure, have fallen to their lowest level for an April in six years, based on the latest DataQuick numbers for San Diego County. Meanwhile, the number of completed foreclosures in the county has dropped to a five-year low for a given April.

Ever since defaults and foreclosures hit record highs between 2008 and 2009, their numbers have fluctuated dramatically without any visible pattern. So far this year, both figures appear to be less erratic and continuing a downward trend.

Notices of default, which homeowners get at the start of the foreclosure process, fell 9 percent from a year ago to 1,323. That’s the lowest April count for defaults since 2006, when there were 554, DataQuick numbers say. Defaults fell 12 percent month-to-month…

Read the rest of this article by U~T San Diego here: “Mortgage defaults at 6-year low”.

San Diego foreclosures remain at 4-year low

The Union Tribune San Diego had a great article on the state of San Diego county foreclosures–they’re currently at a 4-year low! Read the article below:

The number of San Diego County foreclosures in March stayed at its lowest point in more than four years, essentially mirroring the downward trend seen statewide, based on Tuesday’s DataQuick foreclosure report. An improving picture in the distressed market could be attributed to some pick-up in the national economy and increasing number of homeowners who short-sell their homes instead of letting them fall into foreclosure.

A little more than 500 homes fell into foreclosure last month, the lowest it’s been since November 2007, when the county recorded 478. The March total is 21 percent lower than the previous month’s and more than half of what it was a year ago.

Statewide, foreclosures in the first quarter of 2012 fell to their lowest level since the third quarter of 2007, when 24,209 trustee deeds were filed. They peaked at 79,511 in 2008’s third quarter.

Local and statewide numbers for default notices, the official start of the formal foreclosure process, were mixed in March, DataQuick numbers show.

San Diego County recorded 1,500, 17.4 percent bump from February but an 18.3 percent drop from a year ago.

The number of default…

Read the rest of this article by U~T San Diego’s Lily Leung here: “San Diego foreclosures remain at 4-year low“.

Foreclosure sales are up on the West Coast, except for Washington

Foreclosure sales on the West Coast started strong for the beginning of 2012, with Washington as the exception, according to ForeclosureRadar.

Arizona, California, Nevada, and Oregon are the other states included in the report – all of which saw increases in foreclosure sales to investors. Trustee sale investors pay the full amount in cash without inspections or title insurance prior to purchase.

This is the fourth largest month on record in California, and the busiest since March of 2011, stated ForeclosureRadar

California also saw a substantial increase (+14.6 percent), and the state underwent the most activity, with investors purchasing 3,964 properties for $766.2 million, according to ForeclosureRadar…

Read the rest of this article from DSNews.com here: “Foreclosure Sales Up for West Coast States Except Washington.”