There are more choices of San Diego bank owned homes for sale as both filings and repossessions surged in June, based on a report released to the media by the San Diego County Assessor’s Office.
The combined total of default and foreclosure notices filed in San Diego County in June increased by nearly 7 percent over the month, with default notices rising by 8 percent to 1,941 in June and trustee notices surging by 5 percent to 1,204 in June.
The filing of trustee notices mark the last chance for distressed homeowners to save their homes as trustee deeds allow lenders to sell the delinquent properties if they are not saved by a certain date. Properties taken back by lenders through trustee sales are added to their listings of REO homes for sale.
While foreclosure filings in San Diego increased on a month-over-month basis, filings dropped substantially from one year earlier. Default notices dropped by 48 percent and trustee deeds dropped by 33 percent, adding a decreased number of units to current listings of San Diego bank owned homes for sale.
Local analysts said that San Diego did not engage in overbuilding, so it was able to avoid the dire consequences that occurred in overbuilt cities like Miami and Detroit. Its economy is also stronger than most others, enabling the city to surpass challenges brought on by the global financial crisis. Local realtors are even wishing for more foreclosures to be released by the banks so they have more to sell.
Bank owned foreclosures in California also dropped in number in May, decreasing by almost six percent from 16,932 units in April to 15,946 units in May. It was the total of filings that increased over the month, rising by 3.3 percent from 69,725 filings in April to more than 72,000 postings in May.
All the same, with the month-over-month surge in county foreclosure deeds, prospective buyers have more San Diego bank owned homes for sale to explore.
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