Tag Archives: San Diego foreclosures

Foreclosures drop in San Diego county

Foreclosures are low because of home price appreciation.

understanding foreclosuresAccording 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

Housing Distress Dropping or Hiding & Could be Scarier than Halloween?

San Diego-based Data Quick said last Tuesday that Foreclosure Starts or properties entering the foreclosure process are at the lowest point since 2006. See the article-(Click here

The question is, how valid is this statement? Or is this just a preliminary report, “hiding” the fact that there is still plenty of underwater property being led to the slaughter by the nation’s lenders, albeit in a timely manner so as not to disrupt the housing recovery?

It does make sense that lower unemployment & Real Estate Inventory causing rising values, then mortgage servicers and lenders bending over backwards to keep homeowners in their homes that these numbers are falling to record lows; however the flood waters being held by the dam do continue to swirl, albeit a lot of nervous homeowners wondering what will happen or do next.

Continue reading

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.

San Diego foreclosures at 6-year low

San Diego County closed out 2012 with foreclosures at their lowest level in six years, says a report released Wednesday from local real estate information company DataQuick.

foreclosuresThe consistent drop in the number of people losing their homes to bank repossessions appears to be a product of an economy on the mend, increasing home values and government-led deals with major banks that promise borrowers alternatives to foreclosure, DataQuick officials said.

December foreclosures plummeted to 355, the lowest level since December 2006, when 288 were recorded. December’s total is nearly 18 percent lower than November’s and half of December 2011’s.

Default notices, the first official filing in the foreclosure process, totaled 878. That’s up 7.2 percent from November but down nearly 30 percent from the same month a year ago…

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

San Deigo foreclosures decreased in February

The number of San Diego County homes that were foreclosed upon in February fell to its lowest level in more than four years, while mortgage defaults remain higher than the pre-recession norm, Wednesday’s DataQuick report shows.

The county recorded 634 foreclosures in February, the lowest it’s been since November 2007. The latest tally of foreclosures is 12.7 percent lower than in January and 29.2 percent lower than a year ago. Foreclosures peaked at 2,004 in July 2008.

Notices of default — the first formal step in the foreclosure process — totaled 1,278, down 9.2 percent from January and down 6.9 percent from a year ago. Mortgage defaults peaked at 3,832 in March 2009.

Monthly and year-over-year changes in both indicators are constantly volatile because they’re heavily dependent on lender activity.

By comparing current foreclosure and mortgage-default figures to 1-year to 5-year averages, we can see decreases across the board…

Read the rest of this article by U~T San Diego here: “San Diego foreclosures fall in February.”