SD Foreclosure Activity Declines in January
Monday, February 6, 2012
The Daily Transcript -- Both major measures of foreclosure activity fell in January, according to the San Diego County Assessor’s Office.
...While the declines in notices are a “hopeful indicator” for 2012, the recovery is going to be a slow process, said Mark Riedy, executive director for the Burnham-Moores Center for Real Estate at the University of San Diego.
“I think lenders have been tough enough on borrowers. They’re working their way through problem loans and will continue to do so,” Riedy said. “People I talk to in residential real estate are not optimistic for 2012 -- but they expect it to be less of a bad year than last year.”
He said he expects notices of default to continue to decline year after year and the major issue driving foreclosure rates is job growth.
“We need to create more jobs before we see a healthier market,” Riedy said. “People can’t pay a portion of their loan because people are out of work or underemployed.”
Bringing home prices back up will help to bring down foreclosure rates, Riedy said, but that is also dependent on economic recovery and the job market. (Full Story)