Fewer San Diego Foreclosures Could Raise Demand, Prices
Category: San Diego Real Estate
Published: Tuesday, August 25, 2009
All the numbers point to increased demand for San Diego foreclosures, from less new housing permits to lower numbers of Inland and North San Diego County bank homes. According to the July sales figures released this week by market researcher MDA DataQuick, 1,307 San Diego County foreclosures changed hands; down significantly from July, 2008 when over 2,000 foreclosures were resold by the banks to anxiously waiting buyers.
Notices of Default also fell from June to July, with 10% fewer borrowers being served with NODs, the first step in the foreclosures process. Changes in state law and the willingness of lenders to listen to work-out deals and modifications is impacting the number of foreclosure filings, which will ultimately affect area home values as prices adjust to reflect current levels of demand. Fewer foreclosures means higher prices as buyers compete against one another for the remaining great deals among San Diego bank homes.
Coastal, Upscale San Diego Markets Saw Increased Foreclosures
While bargains may be getting harder to find among inland Escondido foreclosures or south county El Cajon bank homes, the coastal and upscale neighborhoods of the County saw marked increases in the number of foreclosures. A sign of the weakened economy, prime borrowers in prestigious neighborhoods who have lost jobs or stock values are running into mortgage trouble, with Encinitas, Scripps Ranch, Pacific Beach and Poway seeing foreclosures jump anywhere from 50 to 100%. As an example, Rancho Bernardo foreclosures more than doubled year over year, with 54 foreclosures in July 2009 eclipsing the 23 Rancho Bernardo bank homes of July, 2008.
Buyers who have waited for foreclosure bargains should act quickly before the remaining San Diego foreclosed homes are gone and prices begin to climb. Market experts predict the latter half of 2009 and early 2010 will see the bulk of foreclosures move through the listings, with traditional listings increasing each month. Interest rates remain affordable in the low 5% range and our foreclosure specialists can help you find the neighborhood that fits your needs perfectly.
Contact the neighborhood foreclosure experts at Oak Tree Realty Group San Diego today. Our team specializes in San Diego County foreclosed homes in every community and our foreclosure experts can be reached at 1-800-516-7791 for a custom showing.
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