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2012-08-09 17:43:03
Foreclosures in San Diego County are mixed

Foreclosures are up versus last month and mixed versus last year

 

The month of July saw an increase in the foreclosure numbers compared to June but were mixed compared to July 2011:

 

  • Notices of default (the first step in the foreclosure process) were up 8.1% from June and up 6.8% from July 2011
  • Trustee deeds (the final step in the foreclosure process) were up 3.2% from June but down 40% from July 2011

 

Local economist Alan Gin noted that the increase in the numbers wasn’t cause for concern, saying that a 10-20% increase would be more worrisome. 

 

Looking at the numbers from another perspective, the increase in Trustee deeds means an increase in the foreclosure inventory in the coming months.  This is actually a good thing.  Overall housing inventory levels in San Diego are very low – about half the number of homes that were on the market at this time last year.  The demand is there to soak up the increase in foreclosure inventory.

 

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Bryan & Allison Devore

Prudential California Realty

(760) 908-3838

North San Diego County and Carlsbad Real Estate

 

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