Whether you are considering buying or selling a property in San Diego County, it helps a great deal to know as much as you can about the current real estate market. Most readers are well-aware that many properties in San Diego County are facing foreclosure. Some buyers are interested in buying REOs (bank-owned) properties that have recently been through the foreclosure process. Other buyers may be interested in short sales, properties that are in the pre-foreclosure stage and where the sellers owe more than the property is worth. In either case, understanding the full scope of the real estate market will help both potential buyers and potential sellers to make the best real estate decisions.
Here is the latest data with regard to San Diego Foreclosure Activity, as reported by Realtytrac at the beginning of February, 2010.
According to the details of this chart, Realtytrac reports that there were nearly 4000 properties for which pre-foreclosure proceedings began in July of 2009. In December of 2009, new pre-foreclosure filings were reduced to half what they were six months before.
Also, it is interesting to note that approximately 1250 properties were foreclosed upon in July of 2009. Approximately the same number of foreclosures occurred in December of 2009.
While Realtrac reports a “falling foreclosure” trend, short sales and foreclosures will continue to occur for some time. This is due, in part, to our high unemployment rate and troubles with our national and state economy.
If you or anyone you know would like more information about foreclosure and pre-foreclosure, please contact one of the qualified Realtors® at Broadpoint Properties.
