A national bank is helping the elderly save their properties from San Diego foreclosed homes for sale. The bank issues reverse mortgage loans with write-downs as a way to help distressed older people.
San Diego foreclosed homes for sale dropped in number in the July to September quarter, according to a nationwide foreclosure report. Home sales, however, increased as first time buyers took advantage of the tax credit and lower mortgage rates.
San Diego foreclosed homes for sale accounted for nearly 33 percent of all sales of previously owned homes in the county in November. The median sales price for all types of homes held steady at $325,000.
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