San Diego Foreclosures Rise
San Diego foreclosures
Data from ForeclosureRadar shows San Diego home foreclosures fillings took a 19.81% rise from July into August. On the good news side, this figure was down 24.38% from a year ago.
For California, notices of Default filings, the first step in the foreclosure process, jumped 16.6 percent in August, the fourth successive increase in as many months. Fewer homeowners found foreclosure relief as foreclosure cancellations dropped 11.2 percent while more homes were lost, up 15.6 percent to 17,841 foreclosure sales.
Sean O’Toole, CEO for ForeclosureRadar said: “We’ve seen these kinds of upticks before, my guess is, we’re still just bouncing around in this range.”
Home Mortgage Delinquency and Foreclosure Rates
California home foreclosures short sales
The high levels of unemployment coupled with excessive and irresponsible home purchases last decade has resulted in disturbing mortgage delinquency and foreclosure rates. Currently, this paints a dismal picture of homeowners struggling to stay current despite the numerous federal programs aimed at keeping people in their houses. This continues to reinforce my assumption that the economy and the housing markets are nowhere near being out of the woods yet.
California foreclosures
Home Short Sale Challenges
Piece of the Pie
The biggest challenges right now are the seconds, who want 10 percent of what’s owed, but who are offered only $1,000 to $3,000 by the first mortgagors.
Lien Holders
There are also lien holders who, for whatever reason, opt to ignore the very phone calls, e-mails, and faxes that will get their deals to the closing table. Maybe they don’t want to settle for a lower cost, or maybe their departments are overwhelmed with distressed property sales. In many cases, lien holders fail to realistically consider what it would cost to do a short sale, versus having to foreclose, which is must more costly.
Paying Utilities
Some short sellers sellers stop payment of utilities, taxes, association dues, and any other necessities while they await the close of eviction.
California real estate short sales
Home Foreclosure Rates Drop In California
California home foreclosures
RealtyTrac said today that California foreclosures declined on a monthly and yearly basis in the hard-hit states of Nevada, Arizona and California, but still grew rapidly in Florida.
Still, fears remain about the hundreds of thousands of homeowners who are still being evaluated for help under loan modification programs. Many analysts say most of those borrowers will eventually lose their homes, sparking a new round of foreclosures later this year. Read more 
California Home Foreclosure Notices Drop 24%
California home foreclosures
MDA DataQuick reported today that nearly 85,000 mortgage default notices were filed from October through December 2009. That’s down 24 percent from nearly 112,000 during the previous three-month period. However, it’s still up 12 percent from about 75,000 during the same period of 2008.
Default notices are climbing in mid- and high-end neighborhoods, as homeowners who were able to make payments longer than those in entry-level markets, feel the results of the recession and job losses, said MDA DataQuick president John Walsh.
San Diego real estate attorneys
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Home Foreclosures Up 18%
home foreclosures
Home foreclosures were up 18% in August vs. August 2008 as reported by RealtyTrac of Irvine, California.
One in every 357 U.S. households with loans got a foreclosure filing in August.
RealtyTrac is revising up its estimate for filings this year and now expects a more prolonged foreclosure crisis.
Some 3.4 million households will get a filing this year, up from the prior estimate of 3 million to 3.2 million, and sharply higher than 2.3 million filings last year.
If the forecast is realized, it will be more than four times the filings in 2005, before the deepest housing crash since the Great Depression began.
Rick Sharga, senior vice president at RealtyTrac said:
“We had been thinking that this year would be the peak, but at the rate things are going right now, it’s appearing more likely that late 2010 might be the peak year before things start to moderate. I don’t expect it to be that 2010 will peak and 2011 will be the wonderful land of Oz.”
California REOs dropped 32 percent from July, but the state continued to post the highest overall total with 92,326 properties with loans getting a filing.
RealtyTrac’s James Saccacio said:
“We also saw a record high number of properties either entering default or being scheduled for a public foreclosure auction for the first time.”