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 February 04, 2009

San Diego County Foreclosures Decrease
The fourth quarter of 2008 showed a nearly 10% decrease in San Diego home foreclosures when compared to 2007. Across the state, mortgage default numbers dropped to their lowest number in more than a year.
La Jolla-based MDA DataQuick reported that lenders delivered notices of default to a little over 5,500 San Diego County homeowners in the 4th quarter of 2008. This number is down from the 4th quarter of 2007, when over 6,100 notices were sent out.

Across the state, a total number of more than seventy-five thousand homeowners were sent notices of default in the 4th quarter of 2008. This number reflects a decrease of more than 20% from the 3rd quarter of 2008 and an almost 8% decrease from 4th quarter 2007.

The decrease in numbers is due largely to the change in the state foreclosure process which now requires lenders to take more steps to help keep more people in their homes and avoid foreclosure.

Keep in mind that default notices do not always result in a foreclosure. Nearly 20% of homeowners come out of the foreclosure process with their payments current, or due to a refinancing or sale of their homes.