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Foreclosure Frenzy Continues in May

E-MAIL STORY

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.

Recent Nerd's Eye View Posts

Foreclosures Still Piling Up (July 22)

Employment Goes More Negative (July 18)

Pay Up for Fannie and Freddie (July 14)

Nationalizing the Mortgage Industry, Maybe (July 11)

Housing Oversupply Continues to Wane (July 9)

Silent Spring (July 4)

Mortgage Rate Update (July 1)

Alt-A Pain Still Ahead (June 27)

Home Prices Drop Again in April (June 24)

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

This Just In

King/Chavez Firings Due to 'Mediocre Education':

CEO of Barrio Logan charter schools talks about terminating employees.

Friday, July 25 -- 4:54 pm

Smith Talks to the Tranny:

The fired SEDC prez had been silent, but opens up to the business paper.

Friday, July 25 -- 5:19 pm

CCDC Chairman Seeks Graham Inquiry:

Fred Maas calls for 'fact-finding mission' on departed president's involvement in 7th and Market project.

Friday, July 25 -- 3:21 pm

KB's Gone Fishin' :

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

Wednesday, July 23 -- 4:13 pm

LETTERS TO THE EDITOR

Keep Shining:

The SEDC and the PDP mess and all that surrounds it is the best reading I've had in a while.

Friday, July 25 -- 11:14 am

CAFÉ SAN DIEGO

Just More Questions:

Does this mean that even after two years of strong mayor, we continue to harbor waste, fraud and abuse in our system?

Friday, July 25 -- 1:23 pm

COMMENTARY: SLOP

Heatstroke :

The cop whose dog died in his hot car had just sued for, and won, a boost in his retirement checks for taking care of his canine partners.

Friday, July 25 -- 5:21 pm

COMMENTARY: RICH TOSCANO

Foreclosures Still Piling Up :

June made for another record-setting month in San Diego foreclosure activity.

Tuesday, July 22 -- 12:34 pm

Zucchet: Not Much to Add:

The former councilman stays mum on MEA post. » Dec. 4 -- 11:47 am

Laid Off Teachers, Already Rehired, Might Have Lay Offs Rescinded:

School board member proposes canceling all teacher layoffs, even for teachers who have already been rehired.

Dec. 4 -- 9:30 am

Sanders Vetoes Council Vote on Budget:

Mayor says he didn't want to issue veto, but had to because city attorney failed to issue an opinion on legality of council vote.

Dec. 3 -- 8:22 pm

SURVIVAL IN SAN DIEGO

Tales from a House Hunt: Chapter V:

'At this point, if we lose it, we know it wasn’t to be.'

Dec. 3 -- 10:43 am