Default Notices at its Lowest in Eight Years

 

Following October, that indicated a rise in foreclosures and defaults, San Diego County faltered by a large amount as notices of defaults decreased as low as it has been in eight years according to an article in the San Diego Union – Times.

In October, 173 homes in San Diego were repossessed, while real estate in San Diego, in the month of November foreclosed on 162 properties. The amount of San Diego real estate that was foreclosed on in September was still at 146, and in the year of 2012, properties foreclosed tallied to 432 homes according to a Monday report from DataQuick.

According to Mar Goldman, who is a real estate professor and loan officer at San Diego State University, he thinks between 150-200 homes will be foreclosed on each month as the housing prices increase and foreclosures and the economy gets better.

The median price for real estate in San Diego increased in November at $415,000, but it stood at $412,720 in October. The collecting of equity for homebuyers is the reason why San Diego County homes are higher. That said, that brought of a decrease in foreclosures, because default is avoided by selling their San Diego real estate.

November’s foreclosures registered at 374 homes, which is a decrease in November. This is the second lowest amount of filed defaults since November 2005. The only other occasion when the foreclosure amount was lower was when January posted 551 homes being foreclosed.

In October there were 541 foreclosures filed, while November 2012 saw an astonishing 819.

“January’s low number could have been due to lenders adjusting to the California Homeowner Bill of Rights, a set of laws that went into effect January 1st, meant to protect homeowners in the foreclosure process,” said Andrew LePage, an analyst for DataQuick, to the San Diego Union-Times.

“I think we’re back to a more stabilized market,” Goldman said to U-T San Diego. “The timing of some notices is dictated by banking schedules, such as a quarter ending. (He considers) notices a better economic indicator than foreclosures.”

“They’re getting into that foreclosure pipeline and most people that get in don’t get out.”

 

By Linda Moore

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