Default notices filed in San Diego County rose to a nine-month high in October, but remain historically low.
Last month, lenders filed 474 notices of default, which trigger the foreclosure processes after 90 days of missed payments, real estate tracker CoreLogic DataQuick reported Wednesday. The notices are the first indication of trouble in a mortgage. Still, the number of filings was down 12.4 percent from October, and well below the 10-year monthly average of 1,387 notices.
Default notices were last this high in January, when 490 were filed in the county. In September, lenders filed 398 notices.
Mark Goldman, a loan officer and real-estate lecturer at San Diego State University, said he was not concerned about the uptick. He said it’s more of a reflection of a bank’s desire to foreclose by the end of the year. Once the notice is filed, a property can be repossessed in as little as 90 days, Goldman said.
read more at: http://www.utsandiego.com/news/2014/nov/19/corelogic-dataquick-forclosures-october-default/