Foreclosures in San Diego County reached their highest monthly totals since September 2008, while notices of default spiked after two months of decline.
June’s 3,715 notices of default were the second highest total for a single month on record. The figure is a 12.9 percent increase from May.
Year over year, June 2009 had 8 percent more notices of default than June 2008. Year to date, notices of default are outpacing their 2008 totals by 7 percent.
The 1,799 trustee deeds filed in June were 78.6% higher than May’s filings.
The increase in trustee’s deeds filed is not surprising after March’s record-breaking number of 4,260 notices of default filed.
“It’s a great puzzle,” said Alan Nevin, director of economic research for MarketPointe Realty Advisors. “Between the combination of lenders not being able to handle the current workload in addition to the Obama plan coercing lenders to be more kind, we don’t know what the hell’s happening out there.”