Report: County’s foreclosure rate increased in 3Q

The number of San Diego County homes slipping toward foreclosure increased by 23.2 percent in the third quarter of the year, compared to the same period in 2008, a real estate information service reported Tuesday.

Lenders sent default notices to 8,702 homeowners in San Diego County in the third quarter, up from the previous year’s third-quarter total of 7,062, according to La Jolla-based MDA DataQuick.

Statewide, default notices were sent to 111,689 homeowners in the third quarter of the year, DataQuick reported. That was a 10.3 percent decrease from the previous quarter’s 124,562 notices and up 18.5 percent from the same quarter in 2008, when 94,240 default notices were sent.

“It may well be that lenders have intentionally slowed down the pace of formal foreclosure proceedings,” said John Walsh, president of MDA DataQuick. “If so, it’s not out of the goodness of their hearts. It’s because they’ve concluded that flooding the market with cheap foreclosures in this economic environment may not be in their best financial interest.

“Trying to keep motivated, employed homeowners in their homes might be the most cost-efficient way to stem losses,” he said.

Default notices do not always lead to a home foreclosure, according to DataQuick. Some homeowners emerge from the foreclosure process by bringing their payments current, refinancing or selling the home.

Related posts:

  1. SD foreclosures fall 9.9 percent
  2. Foreclosures down in San Diego County
  3. County unemployment rate at 8.6 percent
  4. County unemployment rate down at 10.2 percent
  5. Unemployment rate in SD county rises

Short URL: http://www.delmartimes.net/?p=6096

Posted by on Oct 20, 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

Archives

Facebook

Bottom Buttons 1

Bottom Buttons 2

Bottom Buttons 3

Bottom Buttons 4

Bottom Buttons 5

Bottom Buttons 6

LA JOLLA NEWS

RANCHO SANTA FE NEWS

RANCHO SANTA FE NEWS

RSS RANCHO SANTA FE NEWS

  • Free Tennis and PickleBall offered at Rancho Santa Fe Tennis Club during Rancho Days
    Rancho Days is now Rancho Tennis Days at the Rancho Santa Fe Tennis Club. During the 10 days of Rancho Days (Oct. 3-12) the RSF Tennis Club is offering all Covenant-area residents free tennis. This includes many free clinics for all levels, free court time (just sign up at the front desk or call 858-756-4459) and free entry to the end of week mixed tennis to […]
  • Rancho Santa Big Band Orchestra to swing at Village Church
    Big band music blows into the Ranch from 6:30-8:30 p.m. Sunday, Nov. 9, at the Village Church, 6225 Paseo Delicias. The Rancho Santa Fe Big Band Swing Orchestra, a 17-piece outfit led by professor and former president of the San Diego Musicians’ Association Jack Wheaton, featuring producer and trumpeter Dominick Addario, vocalist and events coordinator Marie […]
  • Auditions to be held at Village Church in Rancho Santa Fe for ‘Rented Christmas’ musical
    The Village Church Community Theater recently announced auditions for “Rented Christmas, the Musical,” from 6-8 p.m. Monday, Oct. 6 and Tuesday, Oct. 7 at the Village Community Church, 6225 Paseo Delicias in Rancho Santa Fe. […]