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Post by jeffolie on Aug 10, 2007 11:20:49 GMT -6
July Foreclosures 2,033 San Diegans went into default on their mortgages in July. This is up 19 percent from June and up 157 percent from July 2006. Even adjusting for regional growth, as the blue line on the accompanying graph indicates, the rate of default absolutely dwarfs anything we saw during the early-1990s recession and housing bust. The rate at which lenders actually foreclosed on delinquent homeowners was slightly less scary. Trustee sales in July weighed in at 686, a decline of 7 percent from June. However, such foreclosure sales are still up 261 percent from July 2006 and are occurring at faster pace than they did in any but a few months of the 1990s. voiceofsandiego.org/articles/2007/08/09/toscano/890defaults080907.txtThe article also has a dramatic graph.
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Post by unlawflcombatnt on Aug 10, 2007 13:03:00 GMT -6
I've gotta post the graph. Both Notices of Default and Trustee Sales are literally skyrocketing. It's also worth reviewing this "despite solid job growth" myth. In San Diego, at least, this "solid job growth" has been due to the housing bubble itself. As a result, as the housing bubble deflates, there will be "solid job loss" in San Diego. That'll accelerate the already increasing defaults, foreclosures, and price depreciation. Below is a link from HousingTracker.com on San Diego home prices: www.housingtracker.net/old_housingtracker/location/California/SanDiego/San Diego home prices are down -7.8% over the last 12 months, and are down -13% since 8/14/05. In Los Angeles, prices are down -9% over the last 12 months, and down by -14% since 8/14/05.
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