Tag Archives: trend

Foreclose and Default Trends Stay Near Low – San Diego

Foreclosures and default notices in San Diego County edged up in January, but are still hovering around post-Great Recession lows.

Last month, lenders foreclosed on 149 properties in San Diego County and issued 490 default notices, which kick off the 90-day foreclosure process, real estate tracker DataQuick reported Tuesday.

While the overall trend is down, January’s default notices jumped 58 percent above January 2013’s tally of 310. They were also up from the 387 filed in December.

“That’s disconcerting and something to keep an eye on,” said Mark Goldman, a loan officer and real estate lecturer at San Diego State University.

“It’s probably too early to blame it on something like Congress deciding not to extend unemployment benefits. If that were a factor, we’d see that coming up in the next 60 days.”

A year ago, default notices dropped from 878 in December 2012 to 310 in January 2013. They were back up to 551 in February.

Andrew LePage, an analyst for San Diego-based DataQuick, said the reason for last year’s low number could have been due to the initiation of the Homeowner Bill of Rights, which mandated banks not file a default notice while a short sale or loan modification was in progress.

That also could be why the January 2013 to January 2014 year-over-year change looks high.

In foreclosures, lenders repossessed 149 homes in January, up from 136 in December.

read more at: http://www.utsandiego.com/news/2014/feb/19/tp-foreclose-and-default-trends-stay-near-lows/

Disclaimer: for information and entertainment purposes only

Uncertainty in Housing Market

Prices are up in the residential market, but affordability a concern.

Housing, which zoomed up 18.4 percent in price last year, faces “uncertain” prospects this year, according to Tim Sullivan, newly named local chairman of the Urban Land Institute.

Sullivan, a real estate industry consultant, said last year’s housing market was one of “exuberance.”

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“Now I’d characterize the 2014 outlook as one of optimism but still with a level of uncertainty,” Sullivan said, “because we had such a nutty 2012 and ’13 with home prices moving up quickly and a little bit of land selling — maybe a three-year period of exuberance jammed into one. The market is now reeling again and there’s concern and uncertainty.”

His outlook, offered during an interview with U-T San Diego on Monday, was brightened somewhat by the firming up of occupancy rates for retail, office and industrial space and rental rates rising enough to justify some new construction, particularly for build-to-suit projects.

“From a residential side, it’s very solid — prices are up — but now we have a concern, after a year of affordability,” he said. “We can’t win for losing, and we can’t lose for winning.”

read more at: http://www.utsandiego.com/news/2014/feb/26/tp-uncertainty-in-housing-market/

Disclaimer: for information and entertainment purposes only