Trustee Deeds Down in SD, Notices of Default up Slightly
Monday, July 9, 2012
The Daily Transcript -- Trustee deeds in San Diego County are down almost 60 percent from June 2011, and one local expert said that’s “really pretty amazing.”
Trustee deeds — the final step in the foreclosure process, transferring ownership from the delinquent borrower back to the lender or to a third party — were filed on 527 properties in June, 3.3 percent less than in May and 59 percent less than June 2011, according to the San Diego County Assessor's Office.
Notices of default (NOD) — which initiate the foreclosure process by registering that a borrower is in arrears of payment — rose 3.2 percent from May to June, and 2.9 percent from June 2011 to June 2012.
The flow of transactions can be managed by the lenders and there’s still a “fair amount” of bank-owned properties, but the number can be manipulated, said Norm Miller, a professor at the Burnham-Moores Center for Real Estate at the University of San Diego. (Full Story)