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July 20, 2010

FORECLOSURES FALL IN NORTH SAN DIEGO COUNTY
The northern area of San Diego County saw a rather dramatic drop in foreclosures during June of this year, down to a level that has not appeared since 2008, when the State of California put a freeze on foreclosures.

There was a significant increase in the rate of foreclosures after the start of the disintegration of the housing bubble in the early part of 2007. This year, mortgage companies have decreased the number of default notices, and they have been evicting a smaller number of home owners, which is the last step in the foreclosure process.

Federal programs have aided in putting off numerous foreclosures and more lenders have recently begun to increase the number of short sales they are processing. (A short sale is a situation in which a home is sold for a lesser amount than the remaining balance on the mortgage.)

In North San Diego County during June, lenders sent out two default notices out of a thousand home owners. This is down from 8% during May and is a 54% drop from June of 2009. The third quarter of 2008 was the last time that the rate of default was two or less out of a thousand homes when the foreclosure freeze was in effect.

In the earlier stages of foreclosure approximately 0.3 homes out of a thousand were either sold or taken back by the lender in the North County area last month. This is a 32% drop from May, a 73% drop from June of 2009, and is 87% down from June of 2008, when a high point
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