San Diego Foreclosures Fall

July 8, 2010 - PRLog -- San Diego, Calif - July 7th, 2010 - Cheng Realty

San Diego County has seen a drop in foreclosure filings these last few months. San Diego foreclosures filings have seen a 22 percent drop from April and 45 percent from a year ago. This may mean banks are approving more short sales. Scott Cheng of Cheng Realty says banks are moving away from taking legal action against homeowners who can't pay their mortgages.

"Loan modifications are very sloppy and result in a very small amount of savings. Most homeowners don't make it past the trial modification phase. So many people are moving towards a smarter option, the short sale. San Diego Foreclosures are going down because people are finding that at least with a short sale there is less of a hit on their credit."

He said that with a short sale there can be an 80-110 point hit on your credit rating but if you let your home go into foreclosure it can be 400 or more. Many banks are still not being very clear with their short sale procedure or may not want to approve it; so it is best to talk with a local real estate broker.

San Diego County home prices went up 7 percent in May which is the second highest increase in the county in the past year. This with the news of san diego foreclosures falling may be a sign of economic recovery in San Diego.

Scott Cheng says:

"With San Diego Foreclosures at an all time low and property values going up now is the time to buy. You should seriously talk with a local mortgage realtor and mortgage broker because rates have never been this low in 30 years. For example, a buyer with a FICO score of 750 looking to buy a home in California could get their loan from a bank such as Provident Funding on a 30 year fixed rate as low as 4.25% with zero points. 4.25% on a loan.  When the housing market starts to appreciate; the increasing value of the property will negate any interests that you will be paying. If you are thinking of buying a home, do so now before these rates go back up."

By going to (http://www.chengrealty.com/foreclosure-radar/?Location=Sa...) you can search for many homes going into foreclosure near you. This is helpful if you would like to know how many foreclosures are in your area or if your home is set to go into foreclosure.

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Cheng Realty provides Real Estate experts that can handle any of your needs. We will provide you with free advice if your home is going into foreclosure, and there are no sales gimmicks. You can find us online at (http://www.chengrealty.com)