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Foreclosures Reach Seven-Year Low in San Diego County

San Diego-based housing stats provider DataQuick reported this week that foreclosures fell to a seven-year low in San Diego County last month even as rising home prices reduced the number of homeowners who owe more on their mortgage than their homes are worth. According to the report, there were just 148 foreclosures in the county in August, down nearly 75 percent from the previous month and just over 70 percent from August 2012, when 507 Sand Diego County homes were seized. The number of notices of default rose from 516 in July to 537 last month, but were down more than 55 percent from a year ago, when 1,216 notices were filed.

The Southland's decline in foreclosure activity, most analysts agree, are primarily the result of rising prices in the region. According to DataQuick's report, the median sales price for homes in the San Diego area rose to just under $420,000 last month, 22 percent higher than a year ago and the highest seen in the area since February 2008, just as the recession was beginning to affect the housing market. With prices surging, the number of homeowners with negative equity has declined, putting more homeowners in a position to sell or refinance their homes. Consequently, the number of homeowners in jeopardy of losing a home to foreclosure has fallen.

October 10, 2013