Dataquick reports county had 3.4% increase from June, but 43% decline from a year ago
Foreclosures in San Diego County ticked up in July but are still lower than the pre-recession peak, says a report released from DataQuick on Monday.
The county recorded 452 foreclosures in July, up 3.4 percent from June but down more than 43 percent from a year ago. Putting the month-to-month bump aside, foreclosures have experienced 22 straight months of year-over-year drops. Also, last month’s foreclosure figure is the lowest for a July in six years and is far below the peak of 2,004 recorded in July 2008.
“From a foreclosure standpoint, we’re basically flat,” said DataQuick analyst Andrew LePage, referring to the county’s month-to-month change.
“For only first-time homebuyers and investors, they might want to see more foreclosures,” he added. “But I think most people want to see this problem go away.”
Notice of default filings, the first sign of the foreclosure process, totaled 1,461, up nearly 2 percent from June and up nearly 15 percent from a year ago. Some context on the year-over-year increase: July 2011 marked a five-year low “in part because lenders were still addressing concerns with robo-signing” crisis — when major lenders approved loan documents without proper review, LePage said. Again, the county is far below peak distress levels. Mortgage defaults hit their highest point in March 2009 at 3,832.
Campo, Chula Vista’s EastLake and Otay Ranch areas and northeast Chula Vista posted the most default notices per 1,000 homes in the neighborhood, DataQuick’s analysis shows. The top three foreclosure areas were Campo, Bonsall and San Ysidro.
Economically, July was a mixed month for San Diego County and the state, possibly affecting last month’s distress levels:
• The county lost 4,400 jobs, the lowest number of jobs cut for a July since 1990.
• California recorded 272,789 initial claims for unemployment insurance benefits, up nearly 4 percent from June.
• The median price for all homes sold in the county rose to a four-year high. Sales fell 5.1 percent from June but are 17.2 percent higher than a year ago.
Written by
Lily Leung
