Robert Bush 8:35 a.m., May 25
Foreclosures continue to fall in San Diego
Total foreclosure inventory in California, including properties in default (the first stage of foreclosure), with trustee sales scheduled (the second and final stage), and already owned by banks (known as REO, or Real Estate Owned), fell again in November and is now nearly 32 percent lower than last year, the foreclosure tracking site ForeclosureRadar is reporting.
879 properties across San Diego County went into default in November, and 1,128 were scheduled for sale, both significant drops as compared to a year ago. The fact that sales outnumber new filings suggest the downward trend may continue, as even fewer properties will be eligible for sale when new Notices of Default expire in 90 days and allow sales to be scheduled.
The bulk of properties falling into foreclosure have loans that were originated between mid-2005 and mid-2007, a time period roughly bracketing the peak of the market bubble in 2006.
“The policies of ‘extend and pretend’ continue to slow foreclosure activity while ensuring foreclosures will play an important role in our economy for years to come,” says ForeclosureRadar founder and CEO Sean O’Toole, long an outspoken critic of government intervention that prevents or delays the foreclosure process.