Lender Mediated Properties, also known as foreclosures, fell again during the month of December illustrating a steady decline in foreclosures throughout San Diego. In December 2014, foreclosures made up just 23.9% of all homes and condos sold in San Diego. This is down 4.1% compared to December 2013. The greatest number of foreclosures in San Diego continue to be in the first time home buyer market; that is to say those homes priced from $250,001 to $500,000. The banks now own approximately 2,181 properties in San Diego County.
Since 2012 there has been a steady decline of foreclosures in San Diego. With the rebound of home prices, many homeowners now have enough equity to allow them to sell their homes and in many cases walk away with cash in their pockets. Furthermore, many homeowners have been able to successfully attain loan modifications and in some cases balance forgiveness on seconds.
The trend of less and less bank owned properties throughout San Diego, has contributed and continues to contribute to our housing recovery. As fewer Notices of Defaults, the first step in foreclosures, are filed, our neighborhoods and communities continue to benefit. Demand for homes continues to be high as San Diego, along with many major cities throughout the U.S. recovers from the housing crisis. San Diegians are lucky to live in a near perfect, beautiful location in Southern California. Cheers to recovery!
Tami McCraw
