Tag Archives: foreclosures in San Diego

San Diego Foreclosures at 7-year Low

foreclosure2San Diego County foreclosures have plummeted to a nearly seven-low year — in light of rising home values, the effects of government intervention and new protections for California consumers, said real estate tracker DataQuick on Tuesday.

A total of 175 trustee deeds, which signal a foreclosure, were recorded countywide in May. That’s the lowest level since September 2006, when 172 homes were foreclosed upon and the local housing market began to see troubling declines in prices and sales…

…The most obvious reason for the foreclosure drop is that notices of default, the first step in the foreclosure process, also have fallen drastically. A total of 642 default notices were filed in May, down 52 percent from a year ago.

That figure tends to be sporadic month-to-month, due to sudden hikes or drops in filings from major mortgage servicers, Nevin said. Still, defaults have generally been trending down. May’s total is about 28 percent lower than the one-year average of 887, DataQuick numbers show…

Read the rest of this article by UT San Diego here.

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!!