Tag Archives: distressed loans

HAPPIER THANKSGIVING with Latest RE News

I have so much to be thankful for in review of this past year and my life. It is amazing how a perspective keeps evolving as you get older, to a wiser outlook on life. I am even more grateful that you read my blog
and invite you to comment, whether positive or negative.

Mortgage Defaults have dropped to a 6-year low with the latest results just in by real estate tracker Data Quick for October in San Diego County. Foreclosures are also flat as a result of the trend.

A Notice of Default, the first formal beginning of the foreclosure process, totaled 958 in October, down close to 9% from September and down more than half from year to date same month 2011. October’s number is the lowest since 2006 in September, when the total hit 872.

Actual foreclosures, when the property is lost by the current owner at auction, have totaled just fewer than 500 for this past September and October. These numbers are down more than 25% from a year earlier.

Delinquent mortgages that are at least one month behind have remained relatively the same now to a year ago for the 3rd quarter and these numbers are also the same through the whole year this year. Past history has shown increases between the 2nd and 3rd quarters, so this is an outstanding sign that the shadow inventory of distressed loans are in remission here.

San Diego, along with the other Southern California counties, in past down markets has led the way for the rest of the nation in the trend of housing market prosperity and ALL signs are positive that this is now
happening. This news spells a very Happy Thanksgiving indeed!!