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Foreclosures Fall in California, Across West, Rise in San Diego

Reports are in on October foreclosures, and little has changed in California since a huge spike in new foreclosure filings last August and subsequent drop in September.

While new notice of default filings continue to drop in other struggling Western markets such as Arizona (down 8.9%), California overall saw just a 2.9% dip. A new Nevada law that prohibits foreclosing banks from owning the trustee that completes the foreclosure (as is the case with Bank of America/Countrywide and their ReconTrust outfit) sent new foreclosure filings there plummeting over 80%.

San Diego bucks the trend toward fewer foreclosures, with 2,058 households going into default last month, as compared with 1,802 in September. It’s also an increase over last year’s filing rate, by over 10%.

Investors loaded with cash are happy to take excess inventory out of the hands of banks – properties being purchased at auction instead of reverting to bank ownership a third more often than in October 2010. Some of these investors hope to “flip” their purchases to a new buyer for a quick profit, while others are taking the opportunity to snatch up undervalued units for their rental portfolios.

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Reports are in on October foreclosures, and little has changed in California since a huge spike in new foreclosure filings last August and subsequent drop in September.

While new notice of default filings continue to drop in other struggling Western markets such as Arizona (down 8.9%), California overall saw just a 2.9% dip. A new Nevada law that prohibits foreclosing banks from owning the trustee that completes the foreclosure (as is the case with Bank of America/Countrywide and their ReconTrust outfit) sent new foreclosure filings there plummeting over 80%.

San Diego bucks the trend toward fewer foreclosures, with 2,058 households going into default last month, as compared with 1,802 in September. It’s also an increase over last year’s filing rate, by over 10%.

Investors loaded with cash are happy to take excess inventory out of the hands of banks – properties being purchased at auction instead of reverting to bank ownership a third more often than in October 2010. Some of these investors hope to “flip” their purchases to a new buyer for a quick profit, while others are taking the opportunity to snatch up undervalued units for their rental portfolios.

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4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
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