DataQuick Information Systems of La Jolla reported yesterday home foreclosures were up 18 percent over May and a 180 percent increase over June 2007. New June notices of default dropped just 2% percent from May, but they were still up 93 percent from a year ago.
Foreclosures in the second quarter of 2008 increased 31 percent over the previous quarter and 180 percent over the second quarter of 2007. Notices of default in the second quarter increased 6 percent over the previous quarter and 117 percent over the second quarter of 2007.
For the second quarter, the Nestor zip code of 92154 had the largest increase in foreclosures in San Diego. In the 2nd. quarter of 2007 there were 50 foreclosures in Nestor. For 2008's 2nd. quarter there were 211 foreclosures in Nestor, for an increase of 322%.
Not all foreclosures are due to bad mortgages. I would imagine a healthy number are from folks being out of work too. High and prolonged unemployment has gotta spike the foreclosures.
Just because people with funny money from stocks and people who got loans who could not afford them drove prices up doesn’t mean this will last. A home is still your best investment in my opinion.