Foreclosures are low because of home price appreciation.
According to U-T San Diego, “Large gains in annual home price appreciation have continued to help keep the number of foreclosures in San Diego County at pre-Great Recession levels.”
Per DataQuick, within the month of February 2014, 141 properties were repossessed by banks in San Diego county — which is down from the 252 foreclosures a year ago. It’s also the lowest amount of February foreclosures since 2006 (when only 40 properties were repossessed by banks). Continue reading