San Diego – Foreclosures Reach 7 Year Low
San Diego County foreclosures dipped to a seven-year low last month as rising housing 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. Year over year the total was down 70.8 percent from 507.
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.
Some neighborhoods in San Diego are still effective and this may effect your home’s value. Contact the appraisers at www.scappraisals.com for your home value questions.
Real estate broker Mark Marquez said the declines reflect rising prices.
“Appreciation in prices fixes everything,” he said.
DataQuick’s most recent price report said San Diego County’s overall median stood at $417,500, 22.1 percent higher than a year ago and the highest since February 2008.
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 times in the second half of 2012.
Read more at: http://www.utsandiego.com/news/2013/sep/19/foreclosures-defaults/
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