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Mortgage Defaults Slow -- Kind Of
While the number of homes entering the final stage of foreclosure hit another all-time record in July, the number of homes entering foreclosure actually declined.
 This decrease may not be very meaningful, however. To begin with, the number of notices of default (NODs, which notify owners that they have entered the foreclosure process) is only slightly down from its recent record heights. As the accompanying graph shows, the number of NODs filed in July was substantially higher than anything seen during the region's protracted 1990s housing bust.
In addition, even this decrease may be temporary. A recent Wall Street Journal article notes the significance of California's recent foreclosure legislation:
A new state law in California requires lenders to wait an additional 30 days after a homeowner misses the first payment before filing a default notice and use more "due diligence" to attempt a loan modification. The law took effect July 8.
The article goes on to cite some experts as believing that the new law has simply caused a temporary respite in new foreclosures, and that the numbers will surge back up again within a few months as delayed foreclosures eventually get processed.
If this explanation is correct, then we can probably expect further decreases in NODs for at least another month and a corresponding increase soon thereafter.
-- RICH TOSCANO
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A judge rules against a lawsuit brought against the city by more than 700 police officers.
Thursday, August 21 -- 5:15 pm
3.8 million gallons.
Thursday, August 21 -- 4:45 pm
The city irrigates Mission Valley's streets.
Thursday, August 21 -- 2:42 pm
SURVIVAL IN SAN DIEGO
Local foreclosure-as-choice company says it's growing.
Wednesday, August 20 -- 6:14 pm
LETTERS TO THE EDITOR
A whole (irregularly-sized) lot of reasons why the Grantville redevelopment project is a poor idea.
Thursday, August 21 -- 3:41 pm
CAFÉ SAN DIEGO
The upsurge surrounding charter schools reflects our thirst for a new educational paradigm.
Thursday, August 21 -- 5:33 pm
COMMENTARY: SLOP
The Chula Vista city manager is caught surfing 'Web pages.'
Tuesday, August 19 -- 6:38 pm
COMMENTARY: RICH TOSCANO
Calling the bottom for home prices is a popular San Diego activity, but it still seems a bit early.
Thursday, August 21 -- 2:12 pm
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This Just In
Council will address Sanders' surprise veto of council budget vote, and will likely vote for a third time on budget cuts. » Dec. 4 -- 12:23 pm
The city attorney will go into private practice with two top deputies.
Dec. 4 -- 11:49 am
The former councilman stays mum on MEA post.
Dec. 4 -- 11:47 am
SURVIVAL IN SAN DIEGO
'At this point, if we lose it, we know it wasn’t to be.'
Dec. 3 -- 10:43 am
LETTERS TO THE EDITOR
Former U.S. Attorney's tenure was marked by unsubstantiated prosecutions and failure to protect the border.
Dec. 3 -- 6:37 pm
CAFÉ SAN DIEGO
Considering the potential gains, would $2.50 per gallon for gas be that bad?
Dec. 2 -- 4:49 pm
COMMENTARY: SLOP
The city will have to deal with a lingering gambling problem.
Dec. 3 -- 4:05 pm
COMMENTARY: RICH TOSCANO
Past recessionary patterns indicate that San Diego unemployment could climb for quite a while yet.
Dec. 2 -- 9:19 pm
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