The number of San Diego distressed properties dropped in May as signs of economic improvements arose in the area.
In San Diego County, the number of foreclosure filings fell to 5,386, marking a sharp 30-percent drop from the total in May last year and a decrease of 2 percent from the previous month. Of the 203 large metropolitan areas surveyed, the San Diego area ranked 26th in May, a dramatic improvement from its 18th ranking in May last year.
Similarly, the number of distressed properties in California in May also decreased compared to the total in May last year. More than 72,000 homes were hit with filings during the month, a drop of 22 percent from the total in May 2009. Of these distressed homes, nearly 16,000 units were already taken back by lenders, accounting for 22.14 percent of the total statewide filings.
For those looking for fixer upper listings, California is a good target as the state is still ruling the foreclosure charts despite the nationwide slowdown in foreclosure activity. California posted the highest number of REO units and pre foreclosures, although Nevada posted the highest rate of foreclosure.
The number of San Diego distressed properties declined as the unemployment rate in the area dropped to 10.4 percent in April, down from 11 percent in March. A total of 3,660 jobs were added, increasing the total number of jobs in the area to 1,400,487.
Fiserv analysts explained that since housing markets in San Diego and other places in California collapsed several months earlier than the rest of the country, they had a longer time in getting their foreclosures absorbed and are now on their way to recovery. They said that the strongest rebounds are occurring in coastal housing markets including San Diego.
Due to the decline in number of San Diego distressed properties, home builders in the area are now buying and preparing home lots for future development. They said that the demand for housing will surpass supply as San Diego continues to grow.
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