San Diego County foreclosures drop in December

San Diego County saw the number of foreclosures drop across the board in December. There were 1938 Notices of Default filed versus 2565 in November, 2008 Notices of Trustee Sale versus 2119 in Novemeber, and 814 properties went back to the bank versus 953 in November.

We know that several banks announced that they would not be foreclosing nor evicting people during the holidays. "The dramatic drop in foreclosure activity may have been a Christmas gift to homeowners," says Sean O'Toole, founder and CEO of ForeclosureRadar.com, "however, giving rising mortgage delinquencies it is becoming increasingly clear that foreclosure activity no longer fully represents market realities".

In other words, the market really isn't what the numbers the numbers say. The shadow inventory is alive and well!