According to San Diego’s Union Tribune, foreclosures dipped to a seven-year low last month as rising prices eliminated much of the distress in the local market. DataQuick reported 148 foreclosures in August, down from 516 in July, the lowest since August 2006.
On the default side, DataQuick said 537 notices were filed in August, up from 516 in July but still far below 1,216 in August 2012. Defaults typically are filed three months after an owner stops making mortgage payments and lenders move to foreclose an average nine months later. Thus the August defaults reflect distress going back to the spring and foreclosures apply to homeowners who fell on hard time in the second half 2012.
That said, declining default and foreclosures are now typical of what was occurring in the normal market form around 2002-2003 before prices rose rapidly and then fell back during recession from 2007. Those scary times have passed and San Diego’s real estate continues to prosper and head to a much stronger path!
If you have been thinking of buying or selling a home in San Diego we have the experience to get the process started! Please call today at 619-665-5360 or email Jason@metrosdrealty.com We would like to be your #1 resource for real estate!