San Diego County Experiencing Record Foreclosure Growth

As California foreclosure homes in San Diego County continue to climb at an alarming rate, Foreclosureconnections.com is reporting a record high in the inventory of foreclosure homes available in the area over the past few months.

New statistics uncovered by the ForeclosureConnections.com team show that over the past year, the foreclosure market in San Diego County has increased dramatically. During the first six months of 2007, this area experienced a total of 2,900 new foreclosures, compared with only 445 during the first half of 2006. This remarkable increase is staggering, but many feel it has been coming for some time.

San Diego

“With other areas of California experiencing significant foreclosure surges, it was only a matter of time before San Diego caught up,” a ForeclosureConnections.com representative remarked.

The overwhelming presence of sub-prime mortgages, coupled with an extremely cold real estate market have led to one of the worst foreclosure situations the state has seen in years. San Diego County is currently experiencing a record number of foreclosures, the previous one having been set in 1988.

It also appears that the spike will continue, as foreclosures rose 24% in the area between May and June of this year. Home prices have fallen hard in San Diego in the past year, making it extremely hard for those locked into expensive mortgages to sell off their homes for enough to get out of debt. For many, foreclosure then becomes inevitability.

“Since foreclosure homes are becoming more and more readily available as the months go by in 2007, it looks like we haven’t quite seen the end here,” another spokesmen said.

So what does this mean for those interested in local real estate?

While home values are remaining relatively stable right now, they are not showing any signs of making an upturn either. Therefore, it is quite likely that prices will stay the way they are for a long time, especially if the foreclosure situation continues. Ironically, this will also lead to prolonging the foreclosure surge as well.

For investors and homebuyers, now might be the perfect time to get involved in the San Diego foreclosure homes market. Homes sold through foreclosure listings often go for anywhere from 10 to 50% below their actual market value, making it a prime way to save money on a new home. Since the market in San Diego County is flooded, foreclosures can be purchased for extremely cheap.

On the bright side, San Diego has managed to put off undergoing the effects of a sluggish market and rising national foreclosure rate for a long time. There are still many places in the country worse off. But for those looking to get in on the ground floor with a great investment in foreclosure listings, this seems to be the perfect opportunity.

Foreclosureconnections.com is an online leader in the foreclosure listings industry. Comprised of a team of real estate experts with over a decade of industry experience, they aim to provide the most knowledgeable and current information and advice on the foreclosure homes market, real estate happenings and foreclosure listings possible. Visit www.ForeclosureConnections.com to learn more.

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