SD foreclosures fall 9.9 percent

The number of San Diego County homes slipping toward foreclosure fell by 9.9 percent in the fourth quarter of 2008, compared to the same period a year ago, while statewide default numbers fell to their lowest level in more than a year, a real estate information service reported Tuesday.

Lenders sent default notices to 5,543 homeowners in San Diego County in the fourth quarter, down from the previous year’s fourth-quarter total of 6,151, according to La Jolla-based MDA DataQuick.

Statewide, default notices were sent to 75,230 homeowners in the fourth quarter of the year, DataQuick reported. That’s a 20.2 percent drop from the previous quarter and a 7.7 percent decrease from the same quarter in 2007, when 81,550 default notices were sent.

The overall drop in default notices had been attributed primarily to a change in the state’s foreclosure process that took effect in September, requiring lenders to take more steps to keep people in their homes, according to DataQuick.

“No one expected defaults to stay at the much lower levels we saw immediately after the new law took effect last fall,” said John Walsh, DataQuick president. “The bigger question is whether or not the housing market has hit a low and is dragging along the bottom, or if the markets tha so far have remained unaffected by the foreclosure problem are due for a fall. With today’s atypical market trends, it’s impossible to predict.”

Default notices do not always lead to a home foreclosure, according to DataQuick. In general, an estimated 20 percent of homeowners emerge from the foreclosure process by bringing their payments current, refinancing or selling the home.

Related posts:

  1. UCSD receives fewer applicants for fall
  2. Man dies in fall from Black’s Beach cliff
  3. Fairgrounds’ top executive may get 29 percent pay increase
  4. Morning commute rain causes accidents
  5. Gas prices fall even more

Short URL:

Posted by Pat Sherman on Jan 27, 2009. Filed under Archives. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Leave a Reply



Bottom Buttons 1

Bottom Buttons 2

Bottom Buttons 3

Bottom Buttons 4

Bottom Buttons 5

Bottom Buttons 6





  • Community input received on proposed health club and pool facility in Rancho Santa Fe
    About 100 Rancho Santa Fe residents showed up on Friday, Oct. 17, for a health club and pool community meeting, the last outreach before ballots were mailed on Monday, Oct. 20. On the ballots, members are being asked whether the Rancho Santa Fe Association should spend $350,000 on a professional planning phase for the potential new community amenity. RSF Ass […]
  • Czech violin duo to perform at Village Church in Rancho Santa Fe
    In cooperation with the Consulate General of the Czech Republic, the Czech School San Diego hosts a free classical violin concert by internationally recognized Czech violin player Jaroslav Svecený and his daughter, Julie Svecená, who are on a tour of the United States. The concert will be at 7 p.m. Oct. 27 in the Village Church. The father-daughter duo will […]
  • Rancho Santa Fe weekly sports update
    Torrey Pines defeated Canyon Crest Academy 4-3 in a Palomar League opener for both teams on Oct. 9. Alayna Tomlinson and Farah Farjood each scored two goals to lead the Falcons. Samantha “Sammy” Cirino added one goal and one assist. […]