Continued Increase in San Diego Foreclosure Activity
Category: San Diego Real Estate
Published: Wednesday, July 23, 2008
In San Diego, California - Lenders began their foreclosure process with a record high number of San Diego County homeowners in the second quarter of 2008 is the result of continued declining San Diego home values and the continued foreclosures on risky home loans made in 2005-2006.
Real estate analysts have reported that California mortgage servicers have recorded a whopping 120K+ notices of default in April through June this year, nearly 10,000 in San Diego County alone. When compared to the first quarter of 08, San Diego experienced a default increase of more than 117%.
This dramatic decline in San Diego real estate market conditions have lead way to a foreclosure resale market, which now accounts for more than 40% of all resale activity last quarter. A year ago, a mere 5% of the market resale were San Diego bank owned homes commonly known as San Diego REO homes.
Bank owned homes are not only a way of current market conditions but, are making San Diego homes more affordable and obtainable in years. If you have ever considered a home in San Diego County buy low and when the market returns own with anticipated equity!
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