Increase in San Diego Foreclosures
Increase in San Diego foreclosures has pushed this megacity higher up on the table to rank 11 in the list of top 100 metro areas within the country where foreclosures are concerned. According to the latest data, San Diego foreclosure listings have 17,343 foreclosures recorded in the second quarter of 2008. This is up 13% since the first quarter of 2008 and is a whopping 206% increase from the second quarter of 2007.
According to the latest statistics, it can be seen that the rate of San Diego foreclosures is 1 per 65 households in the second quarter of 2008. Across the country, there have been 739,714 foreclosure filings in the second quarter of 2008. This is a straight increase of 14% since the first quarter and an increase of 121% since the 2nd quarter of 2007. There has also been an increase in the overall number of California foreclosures. According to experts, the year 2008 was going to take the foreclosure rate skyrocketing; although the prophecy has not been completely true but it definitely has been nearly true. The rate of foreclosures in California has definitely hit the sky and so has the rate for San Diego foreclosures.
After the end of the second quarter, experts say that almost 20,000 homes within the San Diego County have gone for foreclosure filings. A county with a population of 2.9 million, if the number of homes going into foreclosure keeps increasing like this then it will be quite difficult to sustain the economy. At the same time, this is definitely good news for investors and first time homebuyers who can now invest in some of the most beautiful homes in the county.
