San Diego – Foreclosures Up In October but still down for years

Foreclosures in San Diego County ticked up from September to October, but over the past 12 months are still down more than 65 percent.

Last month, lenders foreclosed on 173 properties in the county, up 18.5 percent from the 146 in September, real estate tracker DataQuick reported Tuesday. Percentage wise, it was the biggest month-to-month jump in foreclosures since they rose from 715 in December 2010 to 959 in January 2011, a 34.1 percent gain.

Mark Goldman, a loan officer and real-estate lecturer at San Diego State University, said the number of foreclosures can depend on internal factors at banks, and did not express concern about the jump.

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“I just attribute that to noise,” he said. “It’s such a small number. In general, I would expect foreclosures to be going down as property values increase more and more. When there’s equity in the property you can sell it.”

In October, the median price of a home in San Diego County was $412,750, up 17.9 percent from October 2012, DataQuick reports. Prices bottomed out at $280,000 in January 2009, when there were 1,107 foreclosures.

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