San Diego California see's large declines in foreclosures at the auctions and overall activity.
January 20th, 2010.
Real Estate Silver lining or still too early to tell? Lets look at the numbers of the recent activity to see...
December 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 December Foreclosure notices in the state of California saw a large decline. Notices of Defaults dropped 17.5 percent from the prior month. However, these numbers are still much higher than the same period of December, 2008, but still the numbers seem to be trending in the right direction.
Sales to third party investors at San Diego auctions were 237 properties, which was down from 332 in November . According to estimates foreclosure sales sold to third party investors at an average of a 18.6% discount from estimated market value. This is definitely a declining margin from previous months as banks are coming in higher on their opening bids which is causing a good number of the properties to go back to the banks with no bids from investors.
We have also noticed the banks are not cutting their opening bids to discounted levels as often as they had in the past.
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, however the trend is moving the right way. To search Pre-Foreclosure Properties in San Diego California and other San Diego county cities click here.
- Nearly 90 percent of the foreclosed loans for the month of December were originated between January of 2005 and December of 2007.
- Lenders took back roughly 814 foreclosures in San Diego County in December 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. To search current REO inventory in San Diego California and other San Diego county cities click here.
- 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 19% with 81% going back to the lender.
- San Diego county for the month of December saw Notice of Defaults at 1,938, Notice of Truste Sales (Auctions) at 2,008, and Sales at auction of 237. To search Pre-foreclosures, Foreclosures, and property which went back to the lenders in La Jolla California and other San Diego cities click here.
So what does this all mean? There are still many foreclosures coming down the pipe and foreclosure activity is still at close to record levels. However, sales volumes are now starting to turn around. Many first time and value buyers are now stepping back into the market. The many incentives such as the $8,000 tax credit, low interest rates and decade low prices (for many areas) are making this a great time to purchase for many people. To learn more about properties for sale in San Diego California and other San Diego cities click here.
Click the yellow map below to view Homes for Sale, Pre-Foreclosures, Foreclosures, Auctions, REO, Short Sale, and the entire San Diego County MLS.
At Four Seasons Realty, we track most every Foreclosure in San Diego County and attend the auctions on a weekly basis. We also come across many off market opportunities as well. 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 pre-foreclosures, foreclosures, auction, 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!
