San Diego Home Foreclosures Up 66%
San Diego home foreclosures
Dataquick of La Jolla, reported that San Diego County June notices of default were up 66% over May. But, the number of default notices were down 11% from June 2008.
John Walsh, President of DataQuick said: “There is a perception that the housing market is dragging along bottom, that it probably won’t get much worse, and that the lenders need to get serious about processing the backlog of delinquencies, either with work-outs or foreclosure. We’re hearing that some lenders and servicers are doing just that, hiring more people to do the necessary paperwork. That means the foreclosure numbers will probably shoot back up during the third quarter.”
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The issue at the core of the recovery is how long it will take to get the number of qualified buyers back. We have lost many homebuyers. All the people in foreclosure can’t buy for at least 3 years because of bank guidelines. Then they will have to save the money too. Plus we have taken some investors out of the market. At what point will new home buyers equal the old foreclosed people is the answer to when the market will come back. My guess is 3 to 5 years.
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It’s a great time to buy rental properties. The pool of renters keeps getting bigger and bigger.
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