San Diego Foreclosure News
The Latest Foreclosure Information
Some very good data has recently been released regarding the status of foreclosures in San Diego County, and the picture continues to brighten. We will break it down based upon the foreclosure timeline:
Trustee deeds, the final step in the foreclosure process, transferring ownership from the delinquent borrower back to the lender or a third party — were filed on 150 properties in May, 35.9 percent lower than in February and 45.3 percent lower than March 2013.
Notice of Default
Notices of Default, which initiate the foreclosure process by registering that a borrower is behind in payments, fell 18.8 percent from April to May, and fell 41.3 percent from May 2013 to May 2014, according to the San Diego County Assessor's Office. Lenders issued notices of default to 427 borrowers in May, down from 526 in April and down from 728 in May 2013.
10%, or 58,637 of all residential properties with a mortgage were in negative equity as of the first quarter 2014, according to CoreLogic. The first quarter data is compared to 11.5%, or 67,309 properties, in the fourth quarter of 2013. An additional 2.3%, or 13,417 residential properties, were in near negative equity for first quarter 2014 compared to 2.5%, or 14,386, in fourth quarter 2013.
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