Jump to content
House Price Crash Forum
Sign in to follow this  
KING5TON

San Diego Foreclosures Rise 551% In First Half Of 2007

Recommended Posts

LINK

DataQuick reported on Tuesday that during the first half of 2007 San Diego County had 2,896 foreclosures compared to 445 during the first half of 2006, a 551 percent increase.

From May to June of this year, foreclosures increased from 532 to 657, a 24 percent increase.

Notices of default, the first step in the foreclosure process, totaled 8,314 for the first six months of 2007, compared to 3,311 in the same period last year, a 151 percent increase.

Advertisement From May to June of this year, default notices rose from 1,441 to 1,596, an 11 percent increase.

Share this post


Link to post
Share on other sites
the sad irony that the web site is called sign on San Diego. :( Plenty of residents will need to asap, assuming the US has any welfare system left :huh:

My old home town for many years (1970-75, 1987-90, 1991-2003) when I lived in the US! I was there when Great Crash 1 started--ah the nostalgia of seeing the good old days back! I emailed an old EA friend a few months ago for a little "told you so" and am still waiting for a reply.

Its our mirror market:

http://www.housepricecrash.co.uk/forum/ind...ost&id=4113

San Diego county was thought to be immune to a crash because of the following factors:

1. Everyone and their Uncle wants to live there. It has the only perfect climate in the world with an average of around 23C year round. Fabulous beaches--the one on Coronado Island was rated No. 2 in the world by one of our TV programs, mountains to ski on and that SoCal ambiance that Beckham and Posh will fit right into.

2. Immigration was very high with tens of thousands of immigrants piling in from all the 50 States and over the Mexican border to keep wages down and house prices high.

3. HPI led the nation with rises of almost 200% from 1996 to the peak in late 2005.

4. 80% of the loans taken out in the closing two years of the boom were with "creative financing" including all kinds of subprime such as IO, SI, irresponsible multiples etc. It was supposed to last forever.

5. Unemployment consistently the best in the US at around 3-4%.

6. Huge numbers of wealthy immigrants flocked to LaJolla, Del Mar, Rancho Sante Fe to keep the upper end "bouyant" (don't you hate that word now?).

7. Huge shortage of land with almost zero plots left in the critical 10 mile coastal strip--the last in San Diego county were built out in late 2004.

Despite all of that San Diego became, as in 1989, the spawning ground of another Great Crash. Why? Prices moved too far beyond wages and credit markets tightened. THe bottom end of the market buckled and infected the whole range. The property market drained local businesses as mortgage rates moved up and the unemployment spiral began.

Watch San Diego County it is a mirror of what will be happening here very soon. Its 1989-96 all over again but this time with style and drama.

Here is a report from a local EA, notice how honest they are about the market:

http://realtytimes.com/rtmcrcond/Californi...go~bobcasagrand

Edited by Realistbear

Share this post


Link to post
Share on other sites
My old home town for many years (1970-75, 1987-90, 1991-2003) when I lived in the US! I was there when Great Crash 1 started--ah the nostalgia of seeing the good old days back!

This old shot was dredged up from the archives - RB in his SoCal 70s Heyday.

1134805068044270346S425x425Q85.jpg

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 356 The Prime Minister stated that there were three Brexit options available to the UK:

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.