July 13, 2024

San Diego foreclosuresHuge jump in California home foreclosures — ForeclosureRadar, a website that tracks every California foreclosure with daily auction updates, last week issued its monthlyCalifornia Foreclosure Report. The number of properties sold at foreclosure auction jumped by 55 percent in January to a total of 19,821, with a combined loan value of $8.06 Billion. Compared to thesame period one year ago.This represents a staggering 454 percent increase.

Notices of Defaults recorded in January numbered 38,617, up 16.4 percent from 32,948 inDecember, 2007. This increase follows a 45.1 percent increase from November to December. With aminimum of roughly four months between recording of a Notice of Default and the property being soldat auction, the recent increases in defaults clearly indicate that auction sales are likely to also increase further in the coming months. By comparing January sales to defaults four months ago, it appears that as many as 80 percent of defaulting homeowners may now lose their home at auction.        San Diego real estate market


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