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San Diego puts heat on foreclosed homes








As the local online newspaper reports, the City Council of San Diego has unanimously granted two ordinances that’ll will keep banks accountable for distressed housing units.
The recently passed ordinances are aimed to give the city additional tools to property owners liable for vacant properties or abandoned houses, repo homes and require the lenders in the city to provide data about their foreclosures and service to communities in minority.
From a broader perspective the two ordinances will help foreclosure listings, repo homes to comply with the city code, as it would require owners to notify the police of an abandoned housing unit and fine them of they do not make good-faith effort to keep up the unit.
While the ordinances are tools to fight blight, the San Diego Association of realtors has expressed its concern whether it will affect home sales transactions, citing unintended consequences.
The second ordinance that passed just a couple days ago will require local banks (or local branches) to provide information about their lending and foreclosure practices, which encourages good bank behavior.
According to a City Council president Tony Young, this makes sense as banks will compete for city business and for the dollars the taxpayers earn, so it is obvious they have to show how they act with San Diego residents.
The initiative came after Young attended a conference in Washington earlier this year and heard that cities like New York or Los Angeles are applying similar rules for banks as the number of foreclosure listings has increased since the robo-signing settlement.
Young has sponsored another ordinance as well, yet it did not pass, because Jan Goldsmith the City Attorney vetoed it. However, he hopes to discuss it later this year and adjust the ordinance in order to pass it. His concerns are mostly due to the rising number of foreclosure listings and their impact on communities, as he said in a statement.
According to DataQuick, the number of foreclosures has dropped throughout San Diego City for the 22nd month in a row, with 452 foreclosures in July. However, looking at the broader San Diego, the number of foreclosure listing is still well over the average, yet are below their peak recorded in 2008.

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