San Diego Foreclosure Filings Lowest Level Since 2008

San Diego ForeclosureNew statistics for San Diego foreclosure filings show a decrease in notice of defaults served to underwater home owners.

The County of San Diego documented 1,246 mortgage default filings in the month of December, the lowest it’s dropped since October of 2008. However, over 18,000 home owners in San Diego county were given notices of default in 2011.

Home foreclosures increased marginally in December, growing from 666 in November to 710 in December, or 6.6 percent. These figures are below the two year average of 923, and the three-year average of 1,003. Last year’s number of home owners who had been foreclosed upon was 10,169, lower than the past two years’ totals.

My thoughts on the San Diego foreclosure data

We are definitely witnessing a reduced amount of San Diego foreclosure proceedings compared to a couple of years ago.  The real question is, what amount of that decrease is a result of market conditions, and what amount is resulting from policy changes that attempt to tackle economic problems and reduced home values.

A decrease in foreclosure and default figures in San Diego and all over California may very well be related to other options including refinancing, principal reductions and short sales.

Home loan rates have reached record lows, dropping under 4 %, which is unheard of.

The majority of the California’s mortgages that happen to be defaulting come from the 2005-2007 housing bubble.  Before we get too excited about the December San Diego foreclosure data, remember that many home buyers who purchased in that time obtained 5 and 7 year Adjustable Rate Mortgages that are set to adjust this year.  Although this is positive news, we’ll have to wait and see how the rest of the year’s San Diego foreclosure numbers unfold before I get fired up.

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Category : Blog &Foreclosures

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