Foreclosures and default notices in San Diego County in 2013 dropped to their lowest total since 2006, the year before the official start of the Great Recession.
Last year, lenders filed 6,300 default notices, which officially begin the 90-day foreclosure process. Of those, 2,407 properties were repossessed, real estate tracker DataQuick reported Tuesday. In 2006, there were 8,816 default notices filed and 1,621 foreclosures.
“Home values continue to increase, which makes it easier for defaulted borrowers to resolve their defaulted loan,” said Mark Goldman, a loan officer and real estate lecturer at San Diego State University. “They can sell their house because they have equity in it.”
