Notices of Default Climbing Among Possible San Diego Foreclosures
Category: San Diego Real Estate
Published: Tuesday, June 16, 2009
Notices of Default climbed slightly among possible San Diego County foreclosures during the second quarter of 2009, compared with the same period last year. During April, May and June some 9,866 homes entered the foreclosures process, up 3.6% from the second quarter of 2008 when 9,519 homes went into default. These figures came as somewhat of a surprise to some market watchers however as the spring of 2008 had previously been considered to be one of the worst periods of the current foreclosures crisis.
The increase in Default Notices more likely reflects efforts by lenders to bring an end to the subprime mortgage catastrophe and finalize pending defaults. Homeowners in trouble have been negotiating mortgage work outs for months and state and federal influences have been stalling actual San Diego County foreclosures in attempts to help homeowners. But most of those efforts are coming to an end as lenders and homeowners reach the end of their negotiations and banks have no recourse but to initiative foreclosure.
San Diego Bank Homes Still Rank as Affordable for New Buyers
With potentially thousands of new foreclosures entering the San Diego bank homes market, current San Diego County bank homes are listed at their most affordable prices in years. In addition to the nearly 10,000 homes that may come available sometime in the next few months, there were over 3,500 Trustees Sales Deeds recorded during the second quarter of 2009 in San Diego County alone, meaning that buyers have never faced a better market for finding quality homes at affordable prices.
Downtown neighborhoods are selling at prices 27% below what they were a year ago, and some highly sought after neighborhoods, such as Ocean Beach foreclosures, are selling at a median price of $490,000, nearly 30% below the same period last year. East County is down 15.7% overall, with El Cajon foreclosures selling at a median price of $307,000, Rancho San Diego bank homes selling for $385,000 and Lakeside foreclosures selling for a super-affordable $256,000.
North County homes are also attracting first time home buyers with Oceanside foreclosures selling for $315,000 and some Escondido bank homes closing with prices below $200,000! Banks are motivated to move these homes off the market fast so they can concentrate on the foreclosure process with the most recent defaults, and so they can generate cash to help their bottom line.
Don't miss your chance to cash in on the best San Diego County real estate market in decades. Oak Tree Realty Group San Diego specializes in San Diego foreclosures and San Diego County Bank Homes in every community. For information on all the finest San Diego foreclosures contact Oak Tree Realty Group San Diego at 1-800-516-7791 for a custom showing.
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