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Foreclosure Frenzy Continues in May


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May was another month for record-breaking foreclosure activity. This time, the new all-time high was set by trustee sale notices (NOTs), which happen late in the foreclosure process and serve as notice of an imminent home repossession. 1,762 NOTs were delivered in May.

Notices of Default (NODs), which serve as an earlier warning that the multi-month foreclosure process has been initiated, were down 5 percent from the prior month. However, the 3,422 NODs delivered in May is the second-highest number on record.

NODs and NOTs were respectively up 114 percent and 187 percent from May of last year.

The accompanying graph, which adjusts NODs and NOTs by San Diego's labor force size to provide a long-term comparison of foreclosure prevalence, shows that the recent level of foreclosure activity continuest to be worlds apart from what took place during the region's protracted 1990s housing bust.

-- 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.

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This Just In

'Smart Bombs' Stop Cancer Spread in Mice:

 And yes, the new strategy involves nanotechnology. » Jul. 9 -- 5:23 pm



MEA Backs Goldsmith:

 The city attorney challenger pulls out another endorsement.

Jul. 9 -- 5:04 pm


Uptown Height Limits:

 Council passes ordinance that keeps buildings in Hillcrest and Mission Hills at 65 feet or lower

Jul. 9 -- 3:24 pm


MOST POPULAR STORIES:

SURVIVAL IN SAN DIEGO

A Market Here, a Market There and Two Years in Between :

  The housing market in my homeland is beginning to look familiar.

Jul. 9 -- 2:49 pm



LETTERS TO THE EDITOR

What a Treat:

  Heaven Sent was la crème de la crème.

Jul. 9 -- 4:05 pm



CAFÉ SAN DIEGO

You're the Journalist, Part II :

  We've got more answers to your questions.

Jul. 9 -- 3:10 pm



COMMENTARY: SLOP

Aguirre's Nod and the Vox Populi :

  What the Dem endorsement means and an invitation to get your questions in.

Jul. 9 -- 11:50 am



COMMENTARY: RICH TOSCANO

Housing Oversupply Continues to Wane :

  Resale housing supply is back down to pre-credit crunch levels, but foreclosures still loom.

Jul. 9 -- 5:30 pm

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