The month of July saw an additional 3,543 San Diego homes enter the foreclosure process when their owners were sent notices of default. An additional 1,607 homeowners received trustee sale notices, indicating that their homes had entered the final stage of the foreclosure timeline before repossession.

Both figures are slightly down from the prior month, as the accompanying graph shows, but not too far off all-time highs.

So despite the dearth of currently available housing inventory, there is still reason to be concerned that all these foreclosed properties will eventually hit the market. The shadow inventory problem — most recently discussed here — remains.

— RICH TOSCANO

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