San Diego County Home Foreclosures Rise 551% In First Half Of 2007

[DeSwiss]

County home foreclosures rise 551% in first half of 2007

By Emmet Pierce
UNION-TRIBUNE STAFF WRITER
11:31 a.m. July 24, 2007

SAN DIEGO – Home foreclosures in San Diego County continued their troublesome upward climb in June, but analysts say the number has yet to reach a threshold that creates a drag on real estate prices or the economy at large.

“California is better off than the nation and San Diego County is better off than California,” said researcher John Karevoll of DataQuick Information Systems. “It still is not a major factor in the real estate market, but if there is a recession, it could become a huge factor.”

DataQuick reported on Tuesday that during the first half of 2007 San Diego County had 2,896 foreclosures compared to 445 during the first half of 2006, a 551 percent increase. From May to June of this year, foreclosures increased from 532 to 657, a 24 percent increase.

Notices of default, the first step in the foreclosure process, totaled 8,314 for the first six months of 2007, compared to 3,311 in the same period last year, a 151 percent increase. From May to June of this year, default notices rose from 1,441 to 1,596, an 11 percent increase. Statewide, mid-year default figures were the highest in more than a decade.

Read more: http://www.signonsandiego.com/news/business/20070724-1131-bn24default.html

[TwilightZone]

1. House prices in SD are insane - average is about $700k.

If the market makes any kind of significant correction there, this is only the beginning.

[DeSwiss]

2. The concept of "subprime" mortgages...

...was banking run amok. It's mortgage bank financing based upon the idea that if someone has a pulse, then they're eligible...

Market Correction = Return To Sanity

[fed-up]

3. homes ARE NOT selling which is a huge drag on prices.... (prices here are dropping 10%) nt

[hatrack]

4. Hmm . . . 551% increase YOY in foreclosures = "troublesome upward climb"

Ya think?