Foreclosure numbers showing continuing stabilizati
Foreclosure numbers for San Diego County continued their downward year-over-year trend in May.
According to an article in the San Diego Daily Transcript, Trustee deeds, the final step in the foreclosure process that transfers ownership from the homeowner back to the lender or a third party, were filed on 545 properties in May. This was down 4.72% from April and a whopping 51.6% from May 2011. This is according to the San Diego County Assessor’s Office.
Notices of default, which initiate the foreclosure process when a borrower is at least 3 months delinquent on their mortgage, were up 5.1% from April but down 8.6% from May 2011.
Alan Gin, Professor of Economics at the University of San Diego, was quoted as saying not to put too much emphasis on the month-to-month changes but to focus instead on the year-over-year improvement. He also said that the improvements in both categories are the result of the improving economy and that the huge foreclosure numbers of a few years ago were the result of the very worst loans going bad.
Bottom line – the foreclosure crisis is no longer a crisis and we are returning to some level of normalcy.
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