Back in the old days there were 100-500 foreclosures per year in SD County:

Microsoft Word - A Brief History of Foreclosures

We’ve already had 1,504 properties get foreclosed in the first half of 2013, so historically we’re still at elevated levels.

But with the county averaging 3,000+ total sales per month, lenders will be able to sprinkle in a couple of hundred REOs each month without affecting values much.  In addition, flippers will keep doing their share; selling a similar amount of properties for retail-plus.

San Diego County Trustee-Sale Results

Lenders must be feeling comfortable at these levels, because the number of total notices were almost identical for the last two quarters. The Notices of Trustee Sale were down 52% Y-O-Y:

San Diego County Filings

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