July 12, 2024
Home foreclosures on the rise while home prices fall.

San Diego real estate – home foreclosures

San Diego real estate 9-2011
San Diego real estate

Being in the trenches … the front line of local San Diego real estate activity, it’s hard for me to believe that we just passed through the “Summer of recovery” at least it was according to this administration’s proclamations.

Although many of the real estate reports for San Diego indicate that sales have increased last month, they also show that home prices have continued to fall. The sales increase in my opinion can be totally attributed to normal seasonal factors. What is really troubling, is the fact that during our seasonally strong traditional marketing period which just ended last month, home prices in San Diego were still in decline.

I usually tend to disregard the national news outlets, but last evening CBS news had a very informative segment on the housing market.

Below I have noted some factual, though depressing statistics from this broadcast:

  • Home mortgage default notices sent in August were 78,880!

  • The August default notices were up 33% when compared to July 2011!

  • There are approximately 3 1/2 to 4,000,000 serious delinquent home loans currently!

  • 798,000 home mortgage borrowers or more than one year behind in their payments!

  • 7.85% of all home mortgages are more than 90 days overdue or in foreclosure!

  • Before the current housing crisis the number of homeowners 90 days overdue or in foreclosure was just 2%!

  • Currently, there are approximately 816,302 bank owned homes nationwide!

  • Even with today’s approximate 4% mortgage rates, it’s estimated that no real housing improvement will be seen until 2014!