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About 43 percent of home sales in August in San Diego County had been foreclosed in the previous year, MDA DataQuick reported today.
That means about 1,360 of the region’s 3,148 homes sold fit the foreclosure category. That number doesn’t count the homes that were sold as short sales, meaning they sold for less than was owed on the mortgage. It compares to a 14.7 percent share of sales for which foreclosures counted in August 2007.
The sales total was higher last month than it was in August 2007, marking a second consecutive month of year-over-year sales gains. In a recent story, I included a perspective on that sales bump from economist Chris Thornberg:
“When you see sales begin to increase, that’s often an indicator of a market turning,” said Chris Thornberg, founding partner at Beacon Economics and former economics professor at the University of California, Los Angeles. “But this is a bit of a false dawn.”
It’s a false dawn, Thornberg said, because so many of the sales are foreclosures.
The overall median price for all types of housing reached $350,000 in August, a 32 percent decline from the peak of $517,500 in November 2005 and a 26 percent decline from the median price in August 2007.