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San Diego Home Sales Decline Interest in San Diego Foreclosed Homes Rises
May 1st, 2008 by 
Joseph Smith
As the market for San Diego Foreclosed Homes continues to provide good value for investors, it seems the amount of San Diego foreclosure listings on the market could increase due to declining home values across the board in 2008. From March of 2007 to March of 2008, the median home value in San Diego county fell by over $95,000, making it harder for homeowners to get back what they paid for their homes when they try to sell them.
With a recession seemingly imminent and defaults in California rising, all signs point to growth in San Diego Foreclosed Homes, as homeowners will look to sell their property to avoid foreclosures, but will be unable to raise enough money to cover the amount owed on their loan from the sale. This already seems to be playing itself out in fact, as home sales in San Diego have declined 38% year over year during the same period.
California foreclosed homes already account for the highest inventory of distressed property in the country. Reports indicate that buyers have taken notice of the growth and potential value of San Diego Foreclosed Homes, because as open market sales decline, there has been much greater interest in these homes sold through auction.
With roughly 1 in every 2,000 properties in some stage of foreclosure in the area, San Diego isn’t the hardest hit part of California, but that could change as the year progresses.
