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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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The Ethics Commission reports findings from the first half of the year in wake of new requirements.
Tuesday, September 30 -- 5:56 pm
Check out NBC's interview with the local congressman about the bailout.
Tuesday, September 30 -- 2:42 pm
The newspaper won't have a full-time religion reporter or readers rep, editor says.
Tuesday, September 30 -- 3:35 pm
SURVIVAL IN SAN DIEGO
State senator wants to avoid future Grantvilles.
Tuesday, September 30 -- 3:46 pm
LETTERS TO THE EDITOR
Concerned grandparent's email addressing overcrowding in classrooms strikes a chord with San Diego Unified parent.
Tuesday, September 30 -- 3:10 pm
CAFÉ SAN DIEGO
Enforcing the law will strengthen the economy.
Monday, September 29 -- 4:36 pm
COMMENTARY: SLOP
No matter how big of a fish you are, a loss in the stock market like this is a big deal.
Tuesday, September 30 -- 11:22 am
COMMENTARY: RICH TOSCANO
Supply and demand appear to be in balance, but all those foreclosures loom...
Friday, September 26 -- 7:31 pm
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This Just In
EPA refuses the territory the same sewage-treatment waiver it gave San Diego. » Jan. 8 -- 8:34 am
City Attorney's Office is tight-lipped, but mayor's rep says liability could drop.
Jan. 7 -- 7:06 pm
How in the world did the real estate market free a Cunningham briber?
Jan. 7 -- 3:55 pm
SURVIVAL IN SAN DIEGO
A peek inside the under-construction Vantage Pointe.
Jan. 7 -- 2:58 pm
LETTERS TO THE EDITOR
Help readers get to know the new City Council president on a more personal level.
Jan. 7 -- 1:46 pm
CAFÉ SAN DIEGO
Here's a look at the tangible results MPAs have yielded.
Jan. 6 -- 4:30 pm
COMMENTARY: SLOP
Convicts find freedom, the former city manager of Chula Vista heads to Iraq, and more tidbits.
Jan. 6 -- 7:22 pm
COMMENTARY: RICH TOSCANO
The median-based price indicators closed out a dismal 2008 with another monthly decline.
Jan. 6 -- 4:06 pm
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