Foreclosure Forecast Grim
Union-Tribune staff writer, Emmet Pierce, covers the San Diego foreclosure market. In his latest article, he states:
“Nearly 50 San Diego County dwellings per day were lost to foreclosure in April, as the tally of mortgage failures rose 169 percent above last year, DataQuick Information Systems reported yesterday.
Buckling under the weight of risky adjustable-rate loans, many borrowers are giving up on ever bringing their debt current.
Serafina Jahries and her husband, Chris want to buy a foreclosed home. Most of the prospects they’ve seen need extensive repairs. “Some of the people have lost their jobs and they can’t afford their payments, but a lot of them just don’t want the home anymore,” said Linda Ring, a real estate agent who specializes in foreclosures. “They don’t want to ride out the storm.”
April was the county’s 37th consecutive month of year-over-year increases in foreclosures and notices of default, the start of the foreclosure process, the DataQuick research firm reported. There were 1,413 residential foreclosures countywide, a 35 percent increase from March but a rise of nearly 170 percent over April 2007.
The surge in loan failures underscored that it’s too soon to expect an end to the region’s housing problems, despite recent upticks in home sales and prices. DataQuick previously reported that the county’s median home price rose $5,000 in April to $400,000 after falling for nine months in a row.
The full article can be read at SignOnSanDiego.com - Foreclosure Forecast Grim
