Contrary to the sensational headlines that San Diego foreclosures are at a new 6 year low, foreclosures are not falling everywhere in San Diego County and that effects home prices too…
Overall San Diego County foreclosures may be declining, they may even be diving to new lows and the local market could be one of the healthiest in the world. Even national housing statistics may be showing a widespread housing recovery underway, but top experts are still exercising cautious (very cautious) optimism.
Peak behind the headlines and into the raw data and there are pockets of San Diego County actually seeing foreclosures rise, and the recent holidays haven't been kind to many area homeowners.
While countywide foreclosures dipped 37% in the last quarter of 2012, in Escondido foreclosures actually jumped up 28.6% between November and December.
While this might seem shocking to some, other areas of Southern California were hit even harder at the end of last year. Between November and December 2012 foreclosures were up by 40% in Chula Vista NE, 50% in Oceanside N, 75% in Mission Valley, 110% in Encanto and a stunning 300% in Imperial Beach.
What does this mean for those buying and selling Escondido and surrounding area homes?
Rather than being scary for home buyers it definitely signals a great time to buy a home in Escondido, and maybe one of the last truly great opportunities for home buyers to scoop a really good deal, ahead of the new boom.
However, it is also a sobering lesson for hesitant sellers. While the media is busy heralding a recovery, it is still uneven and the sepsis can unexpectedly and at least temporarily plunge the value of some San Diego homes. If your neighbors are in foreclosure you might want to sell before they do or face a crippled appraised value or reset.