Listings Foreclosures - Read the Latest Foreclosure Listings News.

Foreclosure listing sales are increasing in affluent places in San Diego County such as Solana Beach, Rancho Santa Fe, Carmel Valley, La Jolla, Del Mar and Point Loma and other central San Diego gated neighborhoods, as shown in reports of San Diego County foreclosure listings in May.

During the first year of the housing crisis, foreclosure inventories were overloaded with homes located in low-income neighborhoods as these where subprime borrowers lived.

But the persistence of the worldwide recession extended the arms of foreclosures into the enclaves of the rich, as stock markets, financial multinationals and non-housing industries also collapsed. Even executives who were well-ensconced in their positions were affected by layoffs.

Previously, gated neighborhoods and more affluent communities were thought to be immune from foreclosure actions because people who lived in these areas obtained prime loans and had higher-income occupations and businesses.

In May, there were nearly 1,000 foreclosure listing homes sold, an increase of over 9 percent from sales in April, but represented a 36.7 percent decrease from sales in May 2008. There were 3,059 default notices, a 9.3 percent decline from April and a 2.5 percent drop from May 2008.

In May, sales of foreclosure homes in several affluent areas reached record levels.

In the Carmel Valley area, where most homes are priced around $676,500, a total of 44 default notices were sent to homeowners in May, an increase from the 14 notices sent in May 2008.

In the affluent coastal community of Del Mar, sales of foreclosure homes totaled 54 units.

For many months, affluent homeowners use their resources to withstand the effects of the foreclosure crisis, but as the recession persisted and worsened, their investments and income-producing businesses faltered.

Real estate analysts contend that foreclosure listing prices of houses in affluent neighborhoods will increase the level of median home prices in San Diego, even if the higher-priced homes are sold at a discount because of their rising sales pace.

In the neighborhood of Kensington-Normal Heights, out of 43 homes sold in May, 29 units were foreclosure listing sales. The median price was $304,000 a 17 percent decline from the price in May 2008.

In Hillcrest-Mission Hills, where most homes are priced around $416,000, out of the 39 home sales in May, 21 were foreclosure listing sales.

Housing analysts said that the major factors for the rise in foreclosure listing sales in more affluent areas are the loss of high-income jobs, collapse of businesses and the difficulty of getting jumbo home loans.

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California still leads other states in foreclosed home listings, based on foreclosure data released by California-based real estate research firm RealtyTrac.

In May, California had 92,249 housing units hit with foreclosure filings, the highest figure among state foreclosures. The number represented an almost 23 percent increase from filings in May 2008.

The number of bank repossessions declined by 1 percent compared to April while defaults dropped by 18 percent. However, the number of auctions scheduled to sell properties in foreclosed home listings increased by 18 percent.

Marty Rodriguez, founder of Glendora-based broker Century 21 Marty Rodriguez, said she and her fellow brokers are still waiting for bank owned foreclosed properties that were not released before the foreclosure moratoriums. She said brokers received insider information that there are more bank owned homes still to enter the market.

Rodriguez said many homeowners who applied for loan modification during the foreclosure moratoriums failed to qualify, causing more properties to be added to foreclosed home listings.

Rodriguez also added that she has been receiving multiple offers on bank owned real estate owned properties because banks have priced them aggressively to get more offers. She said many of the offers have been exceeding the asking price because of the competition.

The over 92,000 foreclosure filings in California as reported by RealtyTrac included all filings in different stages of foreclosure: default, auction and real estate owned. The notice of default is given when the initial foreclosure is filed. The notice of auction is given when a trustee or foreclosure sale is scheduled. Properties are considered REO when they are foreclosed and repurchased by the bank.

The second state with the biggest number of foreclosure notices is Florida. Despite a decline in default notices, foreclosure auctions and bank owned foreclosed home listings compared to April, foreclosure filings increased by 50 percent to 58,931 units compared to filings in May 2008.

With 17,157 in foreclosure filings, Nevada ranked third among the states, according to the RealtyTrac report.

Rodriguez related that first-time buyers have been joining the frenzy in looking for bargain-priced units in foreclosed home listings. They are trying to beat the deadline for the $8,000 tax credit which is offered only up to the end of November.

With first-time buyers and investors competing in many markets, the asking prices for some properties in foreclosed home listings go up instead of going down. Rodriguez cited a Corona home which was offered at $507,000 and which was finally sold at $590,000, still a bargain when the original price of $860,000 is considered.

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Foreclosures mean misfortune for thousands of homeowners. But some get creative and tried to make something positive out of the crisis.

Take the case of pool skaters in Fresno, California who decided to use the backyards of repossession homes where abandoned pools are located.

It used to be that pool skaters in the city converged at the old abandoned pool at Fresno’s Vagabond hotel. According to Josh Peacock, a pool skater, the Vagabond pool has been the favorite hangout of skateboarders for 15 years.

However, when the city allowed a developer to cover the pool at the Vagabond, skateboarders decided to use the abandoned pools at repossession homes. According to skateboarders, sometimes they ask permission to use the pools, but sometimes they just trespass. They believed that by using these abandoned pools in repossession homes, they are doing a service for the neighborhoods.

The foreclosure crisis has created a health-related problem associated with abandoned pools in repossession homes. Most of these abandoned pools have stagnant water that is a favorite breeding ground of mosquitoes. And city officials are concerned that these mosquitoes may cause a West Nile virus epidemic.

What these pool skaters do is pump out the water from the pool, and in the process taking away the mosquitoes and make the pools safe. By using the pools, skateboarders also help the city by attracting skaters from other parts of the world.

The Central Valley is the center of skateboarding. To take advantage of the popularity of this extreme sport, Fresno has constructed several skate parks. However, most skateboarders prefer to use a pool because they claimed that skate parks do not have the same appeal as pools.

The popularity of pool skateboarding and the use of abandoned pools in repossession homes have caught the attention of filmmaker Steve Payne who plans to depict the economic and foreclosure crisis through the growth of pool skating in Fresno.

The number of California’s repossession homes increased by almost 36 percent in the first quarter of 2009. For the same quarter, foreclosure filings were made on 230, 915 homes, a 35 percent rise from the last quarter the previous year and 36 percent higher from the first quarter of 2008.

The unabated increase in the number of repossession homes in the state is attributed to its high unemployment rate, undervalued home prices and a large foreclosed property inventory.

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In an effort to help control the rising number of foreclosures homes statewide, California Attorney General Jerry Brown has released an order requiring all foreclosure prevention counselors and consultants to register with his state office starting July 1.

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A law granting a 90-day foreclosure moratorium has been signed by California Governor Arnold Schwarzenegger.
The law covers foreclosure properties still occupied by their owners who have taken out the original loans between the start of 2003 until January 1, 2008.
Senator Ellen Corbett explained that the law, whom she introduced as part of California?s [...]

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According to MDA DataQuick, 52.1% of all home sales in San Diego last month are foreclosures. Compared to the previous years? records, median home prices now are very low at $305,000, from its peak of $517,000 in November 2005.

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California Governor Arnold Schwarzenegger has introduced a 90-day foreclosure moratorium. He called on for the implementation of the moratorium unless the banking industry can offer a comprehensive program to modify home loans that are on default.

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California foreclosures are still on the rise despite pressures exerted by government officials on mortgage companies to help families with troubled mortgages. In a survey conducted by the nonprofit group California Reinvestment Coalition last April, homeowners who sought help from mortgage counselors still ended up in foreclosures.
The data was taken from mortgage counselors coming [...]

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The Democrats? proposal is longer than the 90-day moratorium that California Governor Arnold Schwarzenegger is proposing. Both proposals will be tackled during a special session called by Schwarzenegger to discuss California?s budget shortfall which increased to $11 billion due to declining revenues amid the housing and financial crisis.

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The period of April through June for this year has so far recorded 121,341 notices send out to California homeowners for having defaulted on their payments so far. This indicates a rise of 6.6% from around 114,000 properties in various stages of foreclosures for Q1 of this year and a sad but stupendous rise of 124.9% from 53,943 defaulters from Q2 of 2007 as per various reliable sources. California foreclosure listings are now brimming with various kinds of residential properties at discounted rates in counties such as San Francisco, Marin, San Mateo as well as in Merced, San Joaquin and Stanislaus, and Los Angeles.

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