June Foreclosures
The month of June saw 1,708 Notices of Default and 738 Notices of Trustee Sale.
 Even when adjusting for San Diego's growth, as the graph to the right shows, there were more NODs and NOTs filed in June than in any month during the entire 1990s housing bust.
A common boom-time rationalization was to maintain that a housing downturn was impossible in the absence of widespread unemployment.
Like all the best rationalizations, this one was formed around a grain of truth. Housing busts take place when large numbers of people are forced to sell their homes. And unemployment is often the culprit in such a situation, as it was in early-1990s San Diego.
The mistake was to assume that job losses were the only potential cause of forced selling. The currently sky-high foreclosure rate in the face of positive job growth demonstrates very clearly that they were not. This time, the forced selling has been the result of years of speculative risk-taking by both borrowers and lenders.
Considering that high-risk loans were still being granted in spades until fairly recently, and considering that such mortgages often take years before resetting into the realm of unaffordability, it seems reasonable to assume that the foreclosure rate will remain elevated for some time to come.
-- RICH TOSCANO
|
Draft recycling ordinance coming in one month.
Wednesday, July 18 -- 4:33 pm
Sanders will hold forums next week to discuss the rate changes.
Wednesday, July 18 -- 2:38 pm
Francis asks the local Republican Party to return $25,000 after its quick -- and quiet -- endorsement of Sanders.
Wednesday, July 18 -- 1:10 pm
SURVIVAL IN SAN DIEGO
Survival goes to a blog carnival.
Wednesday, July 18 -- 1:02 pm
LETTERS TO THE EDITOR
The long-proposed (over 20+ years of studies) new main library would not only serve the recent residents to downtown and the adjacent neighborhoods, but also serve the region.
Tuesday, July 17 -- 3:49 pm
CAFÉ SAN DIEGO
Park space is of course limited, so the struggle is to balance every tenant’s wants against the obligation to maintain Balboa Park as a cohesive property that honors its traditions but still has a future.
Wednesday, July 18 -- 2:25 pm
COMMENTARY: SLOP
You'll note only four branches are open longer than 45 hours a week.
Wednesday, July 18 -- 9:18 am
COMMENTARY: RICH TOSCANO
The bad news for the mortgage industry just keeps on coming.
Wednesday, July 18 -- 2:58 pm
|
|
|
Her exit from a redevelopment post in West Palm Beach similar.
Thursday, July 24, 2008 -- 7:15 pm
Nancy Graham explains her resignation.
Thursday, July 24, 2008 -- 4:53 pm
In addition to auditing SEDC, the city will also look at three other city agencies.
Thursday, July 24, 2008 -- 4:47 pm
SURVIVAL IN SAN DIEGO
She's getting some deserved vacation, but will be back soon.
Wednesday, July 23, 2008 -- 4:13 pm
LETTERS TO THE EDITOR
Aguirre shows them who's boss.
Thursday, July 24, 2008 -- 4:18 pm
CAFÉ SAN DIEGO
Thirty years after Blackout Pete implemented his redevelopment model for San Diego, it's time for a major overhaul.
Thursday, July 24, 2008 -- 7:56 pm
COMMENTARY: SLOP
This isn't a job. It's a mission. And we're eating up every moment of it. Join us.
Wednesday, July 23, 2008 -- 3:57 pm
COMMENTARY: RICH TOSCANO
June made for another record-setting month in San Diego foreclosure activity.
Tuesday, July 22, 2008 -- 12:34 pm
|
|
|
 |
PRINT 
E-MAIL STORY
SHARE
FACEBOOK
REDDIT
NEWSVINE
DIGG
DEL.ICIO.US
BLINKLIST
