San Diego real estate market Update June
The San Diego real estate market is one of the strongest in the state and the country, especially in the aftermath of the economic recession. San Diego foreclosures in particular have sharply declined in the most recent tracking period, pointing towards an increasingly flexible and stable housing market. According to a June 17, 2010 article from the San Diego Union Tribune, “Foreclosure activity might have dropped off last month as lenders modify some mortgages or authorize more San Diego short sales. Foreclosure filings and notices of default fell dramatically last month in San Diego County, but analysts did not see this as evidence of less distress in the housing market. Default notices totaled 1,623, down 22.9 percent from April and 46.9 percent from a year ago, MDA DataQuick reported Thursday. Foreclosures numbered 1,021, down 15.8 percent from April, but up 3.7 percent year-over-year, because of a moratorium on foreclosures in place at the time. Analysts said the declines might represent further signs that lenders are shifting from taking legal action against homeowners who can’t pay their mortgages.”
The article, written by Roger Showley, went on to note that “The good news is that various reports show delinquencies rising at a slower pace — an indication that distress is easing and various housing submarkets are stabilizing. The Mortgage Bankers Association put California’s first-quarter delinquencies at 10.9 percent of all homes with mortgages last month, down from 11.3 percent in the fourth quarter. But that still leaves some 1 million homeowners in California who are not making their payments, O’Toole said. ‘If you were to foreclose on those folks en masse, it would certainly create panic and fear,’ he said. There are no delinquency estimates at the local or city level.” In other words, for one reason or another, San Diego is facing a lower number of distressed sales than in months past.
There was, however, one large foreclosure recently – and it wasn’t a San Diego home for sale. According to a June 22, 2010 article from the North County Times, “San Diego County’s first major commercial foreclosures of 2010 didn’t happen until late June, the commercial real estate brokerage Cushman & Wakefield Inc. said Tuesday. The $40.5 million sale of Horizon Tech Center in Scripps Ranch stands out because a few years ago, commercial real estate brokers expected by 2010 to be awash in a foreclosure flood that never came.”
You can search all San Diego Condos For Sale if you are interested in something downtown or check out our San Diego foreclosures page if you are looking for for a bank repo.
