May 23rd, 2011 Current Real Estate Market Update
Posted May 23, 2011
I got this information from David Mikkelson of Guild Mortgage. I found it informative and wanted to pass it on to you.
Foreclosures and mortgage defaults in San Diego County continue to trend down but remain historically high, leading real estate insiders to wonder when the supposed second wave of distressed properties will enter the market.
Notices of default, the first step in the foreclosure process, fell to 1,452 in April, down 31 percent from a year ago and 21 percent from March, according to figures released by DataQuick Information Systems on Tuesday. It's the seventeenth month in a row during which notices of default have gone down on a year-over-year basis.
There were 946 foreclosures recorded in April, down 21.9 percent from a year ago and down 9.6 percent from March, figures show. It's the seventh month in a row during which foreclosures have decreased on a year-over-year basis.
"The general trend continues to be foreclosure filings are trending down," said DataQuick spokesman Andrew LePage. "Could they surge again? Sure."
Top 5 foreclosure areas, April
|Area||ZIP code||Med price, Q1||April '10||March '10||April '11||Forec. per 1,000e|
Top 5 default areas, April
|Area||ZIP code||Median price, Q1||April '10||March '11||April '11||NODs per 1,000|
|Chula Vista SE||91915||$320,000||47||32||30||4.1|
Some San Diego real estate experts earlier in the year predicted a second influx of foreclosures and defaults this year, but that scenario has yet to play out, according to the numbers.
LePage said it's hard to gauge where notices and foreclosures will go because "you never know how far behind the lenders" are with releasing foreclosures onto the market.
Carson Pay, a San Diego mortgage broker, said for years troubled homeowners have found it challenging to track where banks are behind the scenes, specifically "whether they will foreclose on you or not."
Some of the factors that also could explain the drops in defaults and foreclosures include: a slowly improving economy, lenders working through complicated legal challenges and the influence of government programs that aim to help distressed homeowners, said LePage, of DataQuick.
FNC announced Wednesday that U.S. home prices in March continue to show signs of stabilization following rather mild declines in February, making March the second consecutive month with better-than-expected price momentum.
Based on the latest
Raschel A. Kloos
May 23, 2011 01:06 PM
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