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Wednesday
Dec162009

San Diego home foreclosures rise

It was reported in San Diego that home foreclosures rose last month even though default notices dropped to their lowest point in over a year. Does this mean the market is stabilizing? Does this mean there are financially stable people who are able to purchase the foreclosed properties on the market?

Loan Modification California, Mortgage Relief

DataQuick reported that home foreclosures totaled 1,515 in December, up 41.9% from November and up 20.9% from a year earlier. It was the biggest stack of foreclosures since June’s 1,630. Meanwhile, notices of default, the first legal action on the road to foreclosure, dipped 11.5 % from November’s 2,122 to December’s 1,878, the smallest figure since November 2008. It was down 38.5 % year over year.

For homeowners looking to prevent foreclosure this is not a good sign, however, with a lot of foreclosed homes on the market, lenders may be willing to work with troubled homeowners to modify the terms of their loan to make them more affordable.

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