Reported filings for July were 29,285 foreclosures in the state of California. This is the highest total among all the states in the US. RealtyTrac Inc. stated the activity increased 5% from May and is up 85% over the same month in 2007. Default notices are up 34%, auction notices are up 67%, and bank repossessions are up 427% from 2007.

This does look grim for homeowners in the state of California; however, there are things that can be done to save your home. You can talk with your lender to see if you can refinance your home, talk with a realtor about a short sale, or try to sell your home prior to going into foreclosure.

If you are a homebuyer in the market for a wonderful home in the San Diego area, all these foreclosures could mean that you could find a dream home for a much less expensive price tag than just a few months ago. However, home price sales in California are beginning to stabilize which means the housing slump is close to an end. Many may not believe this is true; however, home sales in the San Diego area are on the rise. In 2008, we have started seeing a trend of more homes being sold in this area of California. In April there were 2,472 homes sold, in May 2,656, and in June 2,789. This is a tad less than last year at this time; however, it is quite a bit improved over 1,789 in March of this year.

Many homebuyers may be afraid to tackle a foreclosure especially with all the horror stories of homes in need of repair and so on and so forth. However, a home in foreclosure does not mean that the home was taken care of properly, only that the homeowners for some reason is not able to afford their mortgage at this time. To learn more about foreclosures in the San Diego area you can talk with a realtor, they have the information as to how long the home has been on the market and what repairs the home might need.

This entry was posted on Thursday, August 14th, 2008 at 2:22 pm and is filed under Homes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.