The number of SD properties foreclosed in 3Q12 were less than half of the number of foreclosures in 3Q10, but the ratio of third-party buys compared to those going back to the beneficiary has been changing.

San Diego County Trustee-Sale Results

Two years ago, 76% of the trustee sales went back-to-bene, but in the most recent quarter that number was only 57%.  The quantity of third-party buys has remaining fairly constant, and would probably be higher if the banks put more properties out for sale.  There appears to be quite an appetite:

Winning Bids of Trustee Sales

Third-party bidding looks intense – rising 16% from the opening bid, and ending up within 9% of current value. Wow!  Doesn’t that have to be putting pressure on retail pricing to rise?

If so, where are the future foreclosures that might feel some upward pricing pressure from flippers?  The lower-end neighborhoods, where it’s so competitive that flippers could get away with adding a little extra mustard to their list price:

SD County Defaults by Est. Value

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