San Diego real estate blog

U.S. home prices dropped at the sharpest rate in two decades during the first quarter, the Standard & Poor's/Case-Shiller national index showed Tuesday, a somber indication that the housing slump continues to deepen. Prices tumbled more than 14 percent during the quarter and are at levels not seen since the third quarter of 2004. *To read the full post, please visit the San Diego California real estate blog

George Soros the out-spoken billionaire investor, just came out with a very gloomy assessment of the US and world economies. In an interview with a BBC news editor, Mr. Soros said the "financial bubble" of the last 25 years could be drawing to an end and the post World War II "super-boom" era could also be over. *To view the full post, please visit the San Diego California real estate blog

Lenders added 22,324 properties to their real estate owned or “REO” inventory in April. Last month DataQuick reported that 38.4% of all home sales in California were from this REO inventory, equaling approximately9,432 properties. Based on those levels, lenders are increasing REO inventories 1.36 times faster than they areable to resell them. San Diego for sale by owner real estate

From a recent report by ForeclosureRadar it was show that: In April, it took California lenders an average of 140 days from Notice of Default to the property being sold at auction. Average discounts at auction were 25%, but nearly half of all properties taken to auction offered discounts of 30% or more from the current loan balance. The majority of these loans were 80% LTV first mortgages, making discounts of 40 to 50% from the prior sales price common in many parts of the state.The largest discounts offered in major Southern California counties were in Santa Barbara (29 percent) and Riverside (28 percent).*To read the full post, please visit the San Diego California real estate blog

April foreclosure numbers were up in all categories. Average daily auction sales exceeded 1,000 properties a day for the first time in California’s history as reported by ForeclosureRadar. The report also showed:: * Notices of Default – the filings for the first step in California’s foreclosure process increased only slightly to set a new record of 44,101 new filings. * Notices of Trustee Sale, which are issued approximately 3 months following a Notice of Default,increased 7.8 percent in April surpassing the previous record with a total of 29,892 new filings. *To view the full post, please visit the San Diego California real estate blog