San Diego: Foreclosures Up from March to April

Foreclosures in San Diego County ticked up from March to April, but remain at pre-Great Recession levels.

Last month, banks repossessed 162 homes in San Diego County, 20 more than they did in March, real estate tracker DataQuick reported Tuesday.

Overall, however, foreclosures are on the decline. The number of foreclosures in April was down 42 percent from the 280 properties repossessed in April 2013. Foreclosures peaked at 2,004 in July 2008.

The last time there were this few foreclosures in an April was in 2006, before the downturn, when banks repossessed 85 homes.

Norm Miller, a real-estate professor at the University of San Diego, said the monthly uptick was likely due to bank activity and says nothing about the current housing market.

Big annual gains in home-price appreciation during 2013, which reached 24 percent last June, allowed people who couldn’t pay their mortgages the opportunity to sell their homes to get out of loans they couldn’t pay back. Those gains have slowed recently, but April’s median sale price of $435,000 was still up 8.7 percent from a year earlier, DataQuick reports.

Read More: http://www.utsandiego.com/news/2014/may/20/dataquick-april-foreclosures-mortgage-default-home

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