There was an increase in foreclosures in the span of September to October, although the numbers are still down for more than 65 percent according to the San Diego Union-Times.
According to a report in DataQuick, the percentage of foreclosed San Diego real estate was up to 18.5 percent as the number rose from September at 146 properties to October at 173.
This was the highest month-to-month surge in percentages since the rise from December 2010 to January 2011 where the numbers jumped from 715 to 959, which clocks in at a 34.1 percent gain.
The foreclosures are contingent on internal factors with banks according to San Diego State University Loan Officer and real-estate lecturer Mark Goldman, but he didn’t have any apprehensions due to the jump.
“I just attribute that to noise,” Goldman said to the Union-Times. “It’s such a small number.
“In general, I would expect foreclosures to be going down as property values increase more and more. When there’s equity in the property you can sell it.”
The median price in October was up 17.9 percent from October 2012 posting the San Diego real estate going for $412,750.
The foreclosures were at an all-time high in July 2008, when the recession occurred topping at 2,004. However, even with the recent rise in foreclosures, they have dipped on a whole as San Diego real estate has gotten higher.
“These foreclosure numbers have been bouncing around in a fairly narrow range,” said an analyst from DataQuick Andrew LePage to the Union-Times. “What’s important is the context …. We’re so far off from the worst of times.”
After 90 days following a missing repayment, a bank could issue the notice of default to start the foreclosing procedure.
The notices that were filed rose from 466-541 from September to October, but if you compare with the fore said months in 2012, the percentages are down 43.5.