San Diego County Foreclosure Trends July 2011
How is the San Diego market doing in terms of distressed sales? Let’s take a look at Santee, La Mesa, and Chula Vista. All three areas saw decreases in Notice of Default(NOD) filings in July:
SANTEE: Has remained fairly steady since January, and last month had a 21% decrease in NOD filings from June.
LA MESA: Experienced the biggest drop; a 34% decrease in filings from June.
CHULA VISTA: Last but not least with a 17% decrease in NOD filings from June. Although, do note on the left of the graph the amount of filings. Chula Vista still has a much higher number versus other San Diego communities(a little less than 140 filings in July alone).
What are Notice of Default filings? They are the first step in the foreclosure process. Notice of Trustee Sale filings set the date and time of an auction, and serve as the homeowner’s final notice before sale.
What do you think? Do you see the decreases as a sign that the market is stabilizing?