Foreclosure rates continue to fall across county
New foreclosure filings in San Diego County were down nearly 20% in August as compared to July, and are off more than 41% as compared to a year ago, according to the latest numbers from ForeclosureRadar.
The numbers seem to be in keeping with predictions made in February by the mortgage default tracking site’s founder and CEO, Sean O’Toole, and run contrary to another prediction calling for an imminent spike in new San Diego defaults by investment group Blue Sky Capital.
“We continue to see reports that there will be a wave of foreclosure sales after the election or at the start of the year,” says O'Toole. “The lack of Foreclosure Starts this month puts a nail in the coffin of this theory. There will be no wave of foreclosures for at least five months.”
There are approximately 12,500 homes within the county currently in some stage of foreclosure, while another 3,725 are already owned by banks. Lenders are taking an average of 293 days to foreclose on a home, down from 332 days in August 2011.
More like this:
- Pending home sales index declines — Jan. 24, 2013
- Fewer foreclosure filings — Nov. 15, 2012
- Foreclosures up but inventory down as investors snap up property — Oct. 15, 2012
- San Diego Foreclosure Woes Continue — July 17, 2012
- Expert Prediction: Foreclosures Will Slow In 2012 — Feb. 16, 2012