Tag Archives: trustee deeds

Foreclosures fall in San Diego County

Foreclosures plummet in San Diego County

“More San Diego County homeowners turned to short sales to avert foreclosure in the second quarter as the local market continued to gain momentum. Those were key factors that pushed down distress to lower-than-normal levels, based on a report from DataQuick on Monday.

The number of San Diegans who received default notices, the first step in the formal foreclosure process, fell 1.4 percent in the second quarter of this year (April to June) to 4,099 compared to the same period in 2011. This marks the lowest level of mortgage defaults seen in a single quarter in more than five years. In the first quarter of 2007 3,931 default notices were filed.

Foreclosure levels also have plunged. San Diego County recorded 1,391 in the second quarter, down 25.3 percent from the previous quarter and down nearly 50 percent from a year ago. The past quarter was the lowest one for foreclosures since the first quarter of 2007, when the county recorded 1,182 trustee deeds, which signal a foreclosure.

“Obviously the economy has been on the mend, however slowly,” said DataQuick President John Walsh. “But because housing is widely seen by economists as the biggest drag on growth, some interesting alternatives to the foreclosure process are being discussed, such as the use of eminent domain to buy and restructure mortgages. Needless to say, we’re all watching closely.”

Walsh is referring to a controversial plan from San Bernardino County and its two biggest cities — Ontario and Fontana — to seize mortgages that are underwater through eminent domain. The effort is meant to curb future foreclosures.

According to…”

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“.