The number of properties making it to the court house steps is on the rise – there has been a 50% increase roughly in SD County trustee-sales since the end of June (from 200 to 300). It’s still a pittance, however, compared to the 14,493 properties in default in San Diego County:
The SFR trustee sales in the North SD County Coastal region have been fairly steady however – no big spikes yet. There has been an average of seven SFRs foreclosed per week over the last 12 weeks (avg of 2 of 7 bought by third-parties), even though there are 608 on the NOD/NOT lists. Are servicers trying to squeak out every last loan mod they can find, or deliberately holding back?
North San Diego County Coastal Trustee-Sale Results, SFRs-only:
It appears that the servicers are managing the drip very carefully for the higher-end properties, but if there are any surges, you’ll see them here!