Foreclosure Field Report

Direct from the offices of the County Assessor/Recorder/Clerk, we have the latest year to date figures that compare this years foreclosure rate with last years. Click below:

sd-county-foreclosure-ytd

Notice of defaults are down 38% over last year. This really sucks for you, the investor because NOD’s are the primary indicator of how many bank-owned-they-don’t-mess-around bottom of the barrel REO deals are coming up.

It gets worse.

Actual foreclosures (the good stuff) are down 15%. Really. These are pretty significant drops compared to last year. And it shows. The majority of my clients take a looooooooong time to find something, because if you’re looking for a heck of a deal, and I know you are, there just isn’t much for sale at any given time. And tons of buyer competition. Damn buyers are swinging from the rafters in some of these places.

Have you missed the boat? Not really. Money is still cheap as hell to rent, as shown by this weeks sub 5% 30 yr fixed rates. Anytime you can get a loan under 6%, you’re doing pretty dang well. So, we still have cheap financing and cheap housing, but the prices are starting to creep up-no joke! Inexpensive financing and still very much undervalued housing will do that!

Your takeaway is this: If you’re looking, then decide right now to really look hard and consider seriously every opportunity in front of you. This market will last until this time next year, MAYBE.

If you’re dabbling, then you’re better off hanging out at the beach or playing XBox or something. This is kind of like dropping in on big wave at Black’s: you either commit and make the best ride ever or hesitate and get smacked. Good times. Never a dull moment in San Diego real estate, but where else would you rather be?!

This entry was posted on Wednesday, March 10th, 2010 at 9:36 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.