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San Diego Foreclosures at a Low

September had the lowest number of foreclosed properties in San Diego County since June 2006. This demonstrates the strength of the San Diego County housing market. Foreclosures occur because of homeowners being unable to pay their mortgage. When foreclosures are at a low, it indicates that homeowners are financially stable enough to be able to make their monthly payments on time.

In September, there were 121 properties that were foreclosed. This is the least amount of foreclosed properties since June 2006, when there were only 109. In August, there were 137 foreclosures, indicating a decrease from one month to the next. And last year in September, there were 146 properties foreclosed on in comparison to the 121 in September of this year. Foreclosures were at their highest in July of 2008, when they reached a peak of 2,004. Over the last couple of years, the number of homes foreclosed each month has been on a gradual decline.

As expected, the number of default notices has also been decreasing. The notices reached the highest in March of 2009 when they peaked at 3,832. In September of 2014, there were 398. A month earlier in August, there were 422. And a year earlier, in September of 2013, there were 466.

As the number of San Diego foreclosures has decreased, the median price of homes in San Diego County has been rising. Back in January of 2009, the median price for homes was $280,000. Last month, in September, the median price had risen to $445,000. With the increase in property value, comes an increase in equity. This allows homeowners to have a way out if they are unable to pay their mortgage through selling their home. This has helped decrease the number of foreclosures.

Reaching the least amount of properties that were foreclosed since 2006 is a great accomplishment. The housing market is looking very strong. If the trend continues, San Diego County could reach a record breaking low in foreclosures.

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