San Diego County Foreclosure Trends
Foreclosure Filings—Notice of Default filings are the first step in the foreclosure process. Notice of Trustee Sale filings set the date and time of an auction, and serve as the homeowner’s final notice before sale.
Foreclosure Outcomes—After the filing of a Notice of Trustee Sale, there are only three possible outcomes. First, the sale can be Cancelled for reasons that include a successful loan modification or short sale, a filing error, or a legal requirement to re-file the notice after extended postponements. Alternatively, if the property is taken to sale, the bank will place the opening bid. If a 3rd party, typically an investor, bids more than the bank’s opening bid, the property will be Sold to 3rd Party; if not, it will go Back to the Bank and become part of that bank’s REO inventory.
Foreclosure Inventories—Preforeclosure inventory is an estimate of the number of properties that have had a Notice of Default filed against the property, but have not yet been Scheduled for Sale. The Scheduled for Sale inventory indicates those properties that have had a Notice of Trustee Sale filed, but have not yet been sold or had the sale cancelled. The Bank Owned (REO) inventory indicates the number of properties that have been sold Back to the Bank at the trustee sale, and which the bank has not yet resold to another party.
Foreclosure Bids—The Published Bid is the amount listed in the Notice of Trustee Sale and is typically the balance due at the original date of sale. The Opening Bid is the bank’s starting bid at auction, and is often discounted from the Published Bid. The Winning Bid is the highest bid received at auction and reflects the amount at which the bank or 3rd party purchased the foreclosure.
North San Diego County Housing Index
Housing Index
The North San Diego County Association of Realtors® and Dr. Robert Brown of California State University San Marcos, have created the North San Diego County Housing Index. Know as HomeDex, this monthly index measures the extent to which North San Diego County residents can afford to purchase homes in the 32 Zip Codes that make up the area.
How is HomeDex calculated?
To create a consistent measurement, HomeDex considers a conventional 20 percent down payment and not more than one third of a household’s income dedicated to a monthly mortgage payment.
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Besides tracking affordability, the Index also analyzes the North San Diego County real estate market by price, market trends and affordability. It reports and breaks down figures for both attached and detached single-family homes.
HomeDex is the exclusive property of the North San Diego County Association of REALTORS® and is for the use of its members and their clients.
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