Home Loan Defaults Skyrocketing in San Diego County
From today's The Union-Tribune comes an article titled Home loan defaults skyrocket in county. The number of actual foreclosures in February 2007 is the highest since 1996, although San Diego county's default rate is not among the highest in the state. Out of California's 58 counties, San Diego county ranks 17th among the states, with San Joaquin county holding the dubious rank of #1.
The DataQuick figures, assembled by ZIP code, show high concentrations of distressed properties in newly built South County communities such as Otay Ranch and among condo conversion complexes countywide. In both cases, buyers stretched their finances to purchase a home and then saw values fall, making it impossible for them refinance into more affordable loans.
The area with the highest local default rate this year was San Ysidro ZIP code 92173, with a rate of 10.79 per 1,000 homes. Default activity for January and February ranked San Ysidro 15th among 1,100 ZIP codes statewide having 1,000 or more homes.
This chart shows the number of default notices and foreclosures over the past 12 years or so.
posted by Scott @ 2:16 PM
1 Comments:
Excellent post. I think many sellers are under the impression that summer will somehow bring a moderate bounce to the current state of affairs. Looking at San Diego pending sales and growing inventory, I'm not sure how likely this will be.
Either way, housing has a long way to go down.
Dr. Housing Bubble
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