Delinquencies Fall to Lowest Level Since November '08

San Diego Union-Tribune -- Roughly as many homes were foreclosed in April as in March, while new defaults fell to the lowest monthly total in more than two years.

Lenders filed trustee deeds -- the final step in the foreclosure process -- on 1,121 homes in April, 1 percent fewer than the 1,141 a month earlier, according to the San Diego County Assessor's Office.

... Alan Gin, professor of economics at the University of San Diego, who compiles the city's index of leading economic indicators, said the decline in defaults is attributable to the local economy adding almost 25,000 jobs during the year ended in March.

"People who might have been unemployed and received one of those NODs, now they're employed and making payments," he said.

But Mark Riedy, director of the Burnham-Moores Center for Real Estate at the University of San Diego, said it's more likely that the pool of potential defaulted borrowers has simply dissipated.

The decline in mortgage delinquencies isn't seasonal, and can't be explained by anything in the county's labor situation, Riedy said. (Full story)

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