According to Data Quick reports the rate of San Diego Foreclosures is not declining, as many consumers would like to see. A 9 percent increase of San Diego Foreclosures occurred from June to July 2008. The month of July 2008 has set a record of San Diego's 40th month of consecutive year- over- year increase in San Diego Foreclosures and Bank owned homes. Although housing prices are going down homeowners are choosing to opt out of their mortgages and adding their homes to yet another Sand Diego bank owned home, rather than staying in and fighting the fight. Analyst state that banks and investors who own foreclosed properties understand that prices need to drop in order to attract buyers.
Areas mostly affected are the north, south east inland neighborhoods in Sand Diego county as well as coastal cities such as Oceanside. Even though statistics have shown a continuous drop over the past 3 years analysts are saying that many more months of the consecutive drop must occur before this is considered a trend.
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