San Diego Home Foreclosures Jump 41.9%
San Diego foreclosures
Although default notices dropped to their lowest level in more than a year in December, MDA DataQuick reported yesterday, the number of foreclosures rocketed up for December, up 41.9 percent from November and up 20.9 percent from a year earlier.
DataQuick president John Walsh said.“Clearly, many lenders and (loan) servicers have concluded that the traditional foreclosure process isn’t necessarily the best way to process market distress.â€
A few insiders feel that even the current bad foreclosure numbers are not really accurate. This is because these insiders believe lenders aren’t moving as quickly as possible to file formal default notices against delinquent owners inorder to minimize the troubled mortage assets on their books.
San Diego Realtor
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Negative equity is a big deal no doubt and we see that job loss is what could really create a wave of foreclosures.
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Inventory is going to grow as foreclosures continue to happen, but where are all the people going to come from to buy the houses?
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