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Foreclosure News - Las Vegas & California

HOUSING: Foreclosure numbers double from a year ago
Foreclosures in North County more than doubled in August from the same month a year ago, according to a report released Thursday.

The rate of properties entering foreclosure in the region was essentially flat from the last few months with about 640 homes going back to banks and about 1,000 houses entering foreclosure, according to a data release by ForeclosureRadar, a Northern California research firm.

While bank-owned foreclosures doubled, the rate of new foreclosure notices, known as notices of default, jumped by only 43 percent from the same month a year ago, the smallest year-over-year increase since November 2007.

But that might not mean an end to North County's foreclosure process, as the rate remains high by historical standards and the drop in percentage increase from a year ago is mainly because of a leap in August 2007 numbers from the previous month, not a decrease in last month's numbers.

Oceanside, Escondido and Vista led the way in foreclosures, representing 64 percent of all North County bank seizures.

ForeclosureRadar also showed that foreclosures across the county mirrored North County's rate, as total filings in San Diego County, including bank seizures and initial foreclosures, increased 79 percent in August from a year ago.

In all, 7,652 properties received a foreclosure filing in August, according to the report.

Foreclosure rates leaped similarly across the state, leading reluctant home buyers to jump back into the real estate market, according to a report Thursday by the California Association of Realtors.

In the association's survey, 69 percent of home buyers said that price declines contributed to their decision to purchase.

And 40 percent said low interest rates allowed buyers to move to a better location. That number could increase as mortgage rates have fallen more than half a percentage point during the last week following the government takeover of mortgage giants Fannie Mae and Freddie Mac.

Published Thursday, September 11, 2008 8:16 PM by Joe Iuliucci

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