San Diego California Foreclosures, REO's, Short Sales, and Homes for Sale

PR Log (Press Release) – Jun 29, 2009 – 6/29/09

San Diego Foreclosures, REO, Short Sale, and Homes for Sale

Real Estate Silver lining or too early to tell?

May 2009 Foreclosure, REO, and Short Sale update.

According to Foreclosure Radar (A service which tracks every single foreclosure daily in the state of California) in the month of April Foreclosure notices in the state of California saw a decline while foreclosure sales rose in the state of California.

Sales at the actual foreclosure auction rose by 32 percent overall.  According to estimates foreclosure sales sold to third party investors at an average of a 28% discount from estimated market value.

Notices of default dropped by an estimated 4.2% from the record level set the prior month.  Notices of Trustee sale (Foreclosure Auction) increased by 42% from the prior month.

Although it's too early to tell if this will be a trend its important information to consider and keep an eye on.

Some important bullet points to consider:

•·         Notice of defaults still remain at close to record highs

•·         Nearly 90 percent of the foreclosed loans for the month of April were originated between January of 2005 and December of 2007.

•·         Lenders took back almost 12,000 foreclosures in which no third party bid was received.  These properties become REO inventory (Real Estate Owned), and then are usually listed with Real Estate agents or sold at third party auctions.

•·         The percentage of total properties sold at foreclosure auction still remains pretty low compared to the overall amount of homes for sale going through the auction at only 12% with 88% going back to the lender.

•·         San Diego county for the month of May saw Notice of Defaults at 3282, Notice of Trustee Sales (Auctions) at 3294, and Sales at auction of 1322.

•·         The median home prices in San Diego for that same period have fallen by 28.40% to a median price for San Diego of 290,000 making San Diego as affordable as it's been in years.  To learn more about Real Estate in San Diego and other San Diego County cities please visit us at http://www.fourseasrealty.com .  

At Four Seasons Realty, we track most ever Foreclosure in San Diego and attend the auctions on a weekly basis and we come across many off market opportunities.  To learn more about foreclosures in San Diego, please visit our fully integrated Real Estate Website at www.fourseasrealty.com ,   where you can search all active foreclosure, short Sale, and REO listings along with the entire San Diego county MLS.

You can also sign up for our free Property watch service which will automatically keep you updated of any new listings that fit your guidelines or any price changes!

We Look Forward to Hearing From you!