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Foreclosure Frenzy Continues in May


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May was another month for record-breaking foreclosure activity. This time, the new all-time high was set by trustee sale notices (NOTs), which happen late in the foreclosure process and serve as notice of an imminent home repossession. 1,762 NOTs were delivered in May.

Notices of Default (NODs), which serve as an earlier warning that the multi-month foreclosure process has been initiated, were down 5 percent from the prior month. However, the 3,422 NODs delivered in May is the second-highest number on record.

NODs and NOTs were respectively up 114 percent and 187 percent from May of last year.

The accompanying graph, which adjusts NODs and NOTs by San Diego's labor force size to provide a long-term comparison of foreclosure prevalence, shows that the recent level of foreclosure activity continuest to be worlds apart from what took place during the region's protracted 1990s housing bust.

-- RICH TOSCANO

A Nerd's Eye View

Rich Toscano is a financial advisor with Pacific Capital Associates*;
he also writes about San Diego real estate at Piggington's Econo-Almanac.
Contact him at rtoscano@pcasd.com.

SEDC Responds to Mayor's Inquiry:

 

Memo details bonuses and additional compensation of all employees.

Friday, July 18 -- 6:37 pm

Board Member Blasts Smith:

 

'The culture of SEDC over the years has been to manipulate, cajole, ignore and intimidate the board into utter and complete silence.'

Friday, July 18 -- 5:32 pm

Smith Not Resigning:

 

SEDC president resists the call for her to step down.

Friday, July 18 -- 5:08 pm


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MOST POPULAR STORIES:

SURVIVAL IN SAN DIEGO

Another Jump for Unemployment Rate :

 

County jobless rate nears 6 percent.

Friday, July 18 -- 12:29 pm

LETTERS TO THE EDITOR

Penchant for Secrecy:

 

San Diego Unified School District legal counsel Jose Gonzales must have been in a hurry to start his vacation.

Friday, July 18 -- 3:27 pm

CAFÉ SAN DIEGO

No Problem with Defined Benefit:

 

The risks inherent and unavoidable with these plans are manageable.

Friday, July 18 -- 12:46 pm

COMMENTARY: SLOP

Resign? Yeah, Right :

 

Why resign when you can get paid $200,000-$300,000 for being fired?

Friday, July 18 -- 11:20 pm

COMMENTARY: RICH TOSCANO

Employment Goes More Negative :

 

Housing weakness spilled over into the rest of the economy in June.

Friday, July 18 -- 4:31 pm
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This Just In

SEDC Responds to Mayor's Inquiry:

 Memo details bonuses and additional compensation of all employees. » Jul. 18 -- 6:37 pm



Board Member Blasts Smith:

 'The culture of SEDC over the years has been to manipulate, cajole, ignore and intimidate the board into utter and complete silence.'

Jul. 18 -- 5:32 pm


Smith Not Resigning:

 SEDC president resists the call for her to step down.

Jul. 18 -- 5:08 pm


MOST POPULAR STORIES:

SURVIVAL IN SAN DIEGO

Another Jump for Unemployment Rate :

  County jobless rate nears 6 percent.

Jul. 18 -- 12:29 pm



LETTERS TO THE EDITOR

Penchant for Secrecy:

  San Diego Unified School District legal counsel Jose Gonzales must have been in a hurry to start his vacation.

Jul. 18 -- 3:27 pm



CAFÉ SAN DIEGO

No Problem with Defined Benefit:

  The risks inherent and unavoidable with these plans are manageable.

Jul. 18 -- 12:46 pm



COMMENTARY: SLOP

Resign? Yeah, Right :

  Why resign when you can get paid $200,000-$300,000 for being fired?

Jul. 18 -- 11:20 pm



COMMENTARY: RICH TOSCANO

Employment Goes More Negative :

  Housing weakness spilled over into the rest of the economy in June.

Jul. 18 -- 4:31 pm

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