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Thursday, August 21st, 2008 at 10:17 PM

Foreclosure Filings

From the SD Daily Transcript:


A Default Research report finds pre-foreclosure filings have jumped by 120 percent in Southern California in July 2008 compared with 2007, and in San Diego County, the total reached nearly 50,000 during the past year.


San Diego County posted some 48,889 default or trustees sales notices during the 12-month period ended July 2008. That figure was more than five times the 8,834 such filings recorded during the like 12-month period ending in July 2007.  The research firm said in July, the hardest hit cities here were San Diego with 1,504 foreclosure filings, Chula Vista with 626, Oceanside with 390, Escondido with 379 and Vista with 213.


Default Research tallied 4,539 such filings in San Diego County in July alone. This figure was more than double that of the July 2007 number of 2,187.  The report said San Diego County had a household foreclosure-filing rate of 4.39 percent in July.  While that was a drop of 20.31 percent from June, it was a whopping 260.45 percent increase year over year.


How many of the 4,539 will end up losing their home? 4,000?


 

Posted on Thursday, August 21st, 2008 at 10:17 PM in Foreclosures | 13 Comments » | Print Print You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Reader Comments: 13 Responses

  1. Unfortunately people HAVE to loose their home. It’s called moral hazard. If you can continue never paying a mortgage for a long period of time. Why should you ever pay it? If there’s no repercussions for poor decisions it makes more sense to be financially stupid than financially sound.

    shadash | August 21st, 2008 at 11:27 pm

  2. 44,880/365 = 134/day over the last 12 months.

    4539/20 = 227/day in July.

    That’s a lot of paper work to process. I would think that paper work will be backed up for some time. Man, it’s going to take years to clean this up.

    With fannie/freddie in the dirt there won’t even be any money left for others to buy what’s coming out the pipe.

    bearing01 | August 21st, 2008 at 11:51 pm

  3. Woohoo!!!! Foreclosures for everyone!!! And I hope that every purchaser of a foreclosed home also gains the luxury of an ice-cream truck in their neighborhood.

    greenlander | August 22nd, 2008 at 12:26 am

  4. What’s the average time from "pre-foreclosure filing" to the date the target property hits the auction block?

    Mercutio.Mont | August 22nd, 2008 at 5:59 am

  5. 4-7 months if they’re knocking them out, longer if lender is back-logged

    Jim the Realtor | August 22nd, 2008 at 6:45 am

  6. Jeez… that’s a lot of foreclosures coming down the pipe.

    Mercutio.Mont | August 22nd, 2008 at 7:41 am

  7. "With fannie/freddie in the dirt there won’t even be any money left for others to buy what’s coming out the pipe." -bearing01

    I’m glad you wrote that. I’ve been thinking about that a lot lately. Even if home prices continue to fall, that doesn’t do regular people much good if they can’t get financing. Of course, the cash buyers will be happy, but I don’t think they’re the bulk of the buying public.

    I still feel fortunate to have purchased my home while lenders were still lending, even though it may continue to decrease in value over the short term.

    Kwaping | August 22nd, 2008 at 6:06 pm

  8. It’s supply & demand. If people can’t get money to buy houses then the prices will have to come down. If banks don’t want to take on risk they will just raise interest rates, which again, forces price down. When prices do drop, owners with no skin in the game (no down payments) will be motivated to return their keys to the bank if they become distressed due to mortgage reset or just the fact they’re tired of paying more per month than their neighbors.

    For every 1% interest rate increase (30year fixed P+I) the house price will have to fall 10% to make the payments the same.

    bearing01 | August 22nd, 2008 at 7:22 pm

  9. And to add… I’m betting that interest rates will go up at least a few percent over the next 3-4 years to help dig the country out of the Trillion$ of debt we’re in and to help reduce inflation. The fed’s rate is currently at 2% and there’s not much margin to move down but a lot of room to move up.

    I think they’ll also have to raise interest rates just to make our money attractive to foreign investors again.

    bearing01 | August 22nd, 2008 at 7:28 pm

  10. ignore this – "interest rates will go up…to help dig the country out of the Trillion$ of debt"

    I didn’t proof read what I wrote until after hitting the "create post" button.

    bearing01 | August 22nd, 2008 at 7:52 pm

  11. 4-7 months if they’re knocking them out, longer if lender is back-logged

    I would say conservatively, that the record NOD’s from May, June and July are going to be hitting the market November, January and February, some of the worst months for sales. If we continue to have record NOD’s and NOT’s I just don’t see there being enough buyers from them. We’re going to need one of the strongest winter selling season’s in history for it to happen.

    JordanT | August 22nd, 2008 at 8:02 pm

  12. If the prices are right, there’ always a buyer.

    Mercutio.Mont | August 22nd, 2008 at 9:44 pm

  13. Hey. Good idea about the sledding. Brings joyful childhood memories of those long Michigan winters. We could have used that table.

    You are too funny. Thanks for the Friday laugh.

    KC | August 22nd, 2008 at 11:46 pm

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