Foreclosure numbers down BIG
Completed foreclosures way down from last year
The completed foreclosure numbers for June continued their downward trend – big time.
The San Diego Daily Transcript reported in an article that Trustee deeds, which are the final step in the foreclosure process, were down 3.3% from May and a staggering 59% from June 2011. Notices of default, the first step in the foreclosure process, were up 3.2% from May and 2.9% from June 2011.
Frequently quoted experts Alan Nevin (Principal at real estate firm The London Group) and Norm Miller (USD Professor) noted that the large drop in Trustee Deeds from last year is largely attributed to an increase in the percentage of distressed sales that are short sales rather than foreclosures. As Nevin points out, 35% of all sales are still distressed sales. Still, that is lower than the nation as a whole.
The numbers we want to watch are the Notices of Default. While Nevin says he doesn’t concern himself too much with those numbers because they rarely make it all the way through the foreclosure process, they are still indicators of potential future distressed sales. Still, the increase is slight and we will see in the near future if that translates into an increase in short sales and/or foreclosures.
Bryan & Allison Devore
Prudential California Realty, North San Diego County and Carlsbad Real Estate
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