05 Jun San Diego real estate experts: Foreclosures up slightly, but down year-to-year

Foreclosures in San Diego County spiked in April, but still remain well below record-high foreclosures reported during the San Diego real estate downturn.

Banks repossessed 162 homes in San Diego County in April – 20 more than in March, according to foreclosure statistics from real estate tracking firm DataQuick. And despite that slight uptick, foreclosures are still down overall in the county. They fell 42 percent from one year ago, when they reached 280 properties in April 2013. At their peak, foreclosures reached a staggering 2,004 in the county in July 2008, when they were also at record levels nationwide.

That’s  compared to 85 homes repossessed in the county in April 2006, during the height of the real estate market boom.

Real estate experts said April’s slightly higher foreclosures are due to bank activity, and are no reflection on real estate in San Diego.

San Diego’s housing market improves

A stronger economy and large annual appreciation gains in 2013 have significantly improved the local housing market. Last June, appreciation soared to 24 percent in the county. Those healthy double-digit appreciation gains have allowed property owners who were behind on their mortgages to sell at a profit. Analysts warn that pricing has since slowed, and they predict flatter housing prices in 2014 due to San Diego homes for sale prices that may have rebounded a bit too quickly.

April’s median sale price in San Diego County was $435,000, up 8.7 percent from one year ago, according to DataQuick.

Default notices, which begin the 90-day foreclosure process, are also down in the county in cities such as Carmel Valley, Del Mar, La Jolla, Rancho Santa Fe, Santaluz, Solana Beach. In April, there were 446 default notices filed, down from 460 in March. April’s figures decreased 37 percent from the 712 notices filed one year ago. Default notices peaked at 3,832 in March 2009. April’s default notices are the lowest amount filed that month since 317 in April 2005. Statewide, foreclosure starts are at an eight-year low, DataQuick reported.