San Diego Foreclosure Numbers Decrease Partly Due To Loan Modifications

San Diego Foreclosure Numbers Decrease Partly Due To Loan Modifications

Article by Brian Yui

San Diego Foreclosure Numbers Decrease Partly Due To Loan Modifications – Real Estate

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<img class=”alignleft size-full wp-image-361″ style=”margin-left:7px;margin-right:7px;” title=”2008 Foreclosure Numbers and Loan Modification” src=”http://sdhouserebate.wordpress.com/files/2009/01/1098686_19384773.jpg” alt=”2008 Foreclosure Numbers and Loan Modification” width=”250″ height=”239″ />San Diego continues to have a large foreclosure inventory, giving potential San Diego homebuyers and investors great buying opportunities. There are currently 3,596 San Diego bank-owned properties as of January 14th, 2009. Buyers have been taking advantage of low prices and distressed properties-the current number of 3,596 has been decreasing over the last few months. Homebuyers are taking advantage of the excellent pricing and lower interest rates. With over 1,850 San Diego foreclosure properties actively for sale on the San Diego Multiple Listing Service (MLS), the remaining 1,512 bank-owned properties are being processed to be available for sale or are currently in escrow.

As proof of these buying trends, the number of San Diego foreclosure properties for sale in the next 90 days has dropped: 4,041 San Diego foreclosure properties are scheduled for auction in the next 90 days. Currently, there are approximately 5,507 San Diego homes and properties in the pre-foreclosure phase, down from more than 7,000 at the end of October 2008. Owners of San Diego real estate properties that are in pre-foreclosure have received a Notice of Default to alert them that a foreclosure auction is pending. Overall, however, San Diego bank-owned properties are decreasing as investors are picking up many of the foreclosure properties. In addition, the decrease in the number of foreclosures is partly due to the loan modifications offered by banks to troubled home owners.

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