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San Diego County’s Notices of Default fall in May

San Diego County’s Notices of Default fall in May

Presented by Eric Matz, Coldwell Banker Rancho Bernardo. Source: Sign On San Diego

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San Diego County‘s notices of default, the first step in the foreclosure process, fell to their lowest level in 31 months in May, numbers from DataQuick Information Systems show.

Foreclosures in the region also declined, said Thursday’s report from the real-estate tracking company.

San Diego County recorded 1,353 defaults in May, down 16.6 percent from a year ago and down 6.8 percent from April, DataQuick reported. The number of defaults dropped to its lowest number since October 2008, when 1,112 were posted. It peaked at 3,832 in March 2009.

Foreclosures dropped to 868 in May, 15 percent lower than a year ago and 8.2 percent lower than in April. They peaked at 2,004, in July 2008.

Mark Riedy, executive director of University of San Diego‘s real estate center, said banks continue to be “judicious” about pushing homes through the foreclosure process because they don’t want too many losses on their books. Lenders have been controlling that flow also because too large of an infusion could “further depress prices,” Riedy said.

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