Foreclosures up for third month in a row, defaults down

Jen Lebron Kuhney of The Daily Transcript recently reported the San Diego County foreclosure numbers for April, and they were up for the third month in a row.  Notice of defaults were down 5%.

Kuhney reported that in the first four months of 2010, there were 4930 trustee deeds filed.  That was a 9 percent increase over the first four months of 2009. 

While USD professor of economics Alan Gin didn’t think that this number is significant, real estate broker Matt Battiata is concerned and still maintains that a backlog of foreclosures have yet to hit the market, which could cause another housing downturn in San Diego County.  Gin said he wasn’t concerned with the April foreclosure numbers, but was concerned that stability in the market could be threatened by higher interest rates.

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