Government

Housing

Environment

Education

Economics

Sports

Letters

	SUPPORT US TODAY
	DAILY NEWS ALERT
	RSS FEEDS

Another Record Month for Foreclosures

E-MAIL STORY

The month of April saw 3,601 default notices and 1,512 trustee sale notices. The former indicate homeowners who've been put on notice for mortgage delinquency; the latter are sent to owners about to have their homes repossessed. Both are at all-time records.

The graph to the right presents a long-term look at such filings. To account for San Diego's growth over the years, default notices and trustee sales notices (NODs and NOTs) are calculated as a percentage of San Diego's labor force. Even after this adjustment, the graph makes clear that the current pace of foreclosure activity is leaving that of the 1990s housing downturn in the dust.

This record-breaking foreclosure activity is precisely what I was talking about last week when I noted that there is an important distinction between "want-to-sell" and "must-sell" inventory.

-- RICH TOSCANO

A Nerd's Eye View

Rich Toscano is a financial advisor with Pacific Capital Associates*;
he also writes about San Diego real estate at Piggington's Econo-Almanac. Contact him at rtoscano@pcasd.com.

Recent Nerd's Eye Post

Employment Goes Positive (May 16)

Another Record Month for Foreclosures (May 12)

April Housing Supply and Demand (May 9)

No Spring Rally Just Yet (May 6)

Employment Sector Winners and Losers (May 1)

Another Bad Month for Home Prices (April 29)

BailoutWatch: I Can't Even Keep Up (May 1)

Employment Goes Negative (April 18)

A Mixed Month for Foreclosures (April 15)

*Investment advisory services and securities offered through Girard Securities, Inc., member SIPC/FINRA.

This Just In

A Charter School Rebuttal:

Urban Discovery Academy responds to its critics.

Friday, May 16 -- 4:24 pm

Mayor Must Revisit Bargaining Table:

He’s 'done negotiating,' but he’ll have to meet and confer with unions to get pension on the ballot.

Friday, May 16 -- 5:11 pm

'Inviting Further Litigation':

Foreclosure Flood Continues :

Filings up 103 percent over the year.

Wednesday, May 14 -- 11:33 am

LETTERS TO THE EDITOR

Seals vs. People? Why?:

Why are we allowing unreasonable people to demand that we spend money to disturb the seal colony that so many people enjoy visiting?

Thursday, May 15 -- 1:58 pm

CAFÉ SAN DIEGO

'Fresh Face, Strong Voice and a Clear Eye':

Marti Emerald can bring all of these assets to City Hall.

Thursday, May 15 -- 7:50 pm

COMMENTARY: SLOP

Atkins' Goes for Housing Post:

So much for it 'never crossing' her mind.

Friday, May 16 -- 5:19 pm

COMMENTARY: RICH TOSCANO

Employment Goes Positive :

After the first year-over-year decline since 1993, San Diego job growth is back in positive territory.

Friday, May 16 -- 4:34 pm

Graham Left Fla. Same Way:

Her exit from a redevelopment post in West Palm Beach similar.

Thursday, July 24, 2008 -- 7:15 pm

'Difficult Decisions':

Nancy Graham explains her resignation.

Thursday, July 24, 2008 -- 4:53 pm

Audits, Audits Everywhere:

In addition to auditing SEDC, the city will also look at three other city agencies.

Thursday, July 24, 2008 -- 4:47 pm

KB's Gone Fishin':

She's getting some deserved vacation, but will be back soon.

Wednesday, July 23, 2008 -- 4:13 pm