After an October uptick, foreclosures in San Diego County fell in November, while notices of default dropped near an eight-year low.
In November, lenders foreclosed on 162 properties in the county, down from the 173 they repossessed in October, but still above the 146 foreclosures in September. A year earlier, they foreclosed on 432 homes, real estate tracker DataQuick reported Monday.
Mark Goldman, a loan officer and real estate professor at San Diego State University, said he expects foreclosures to remain between 150 and 200 each month, as the economy improves and housing prices rise. In November, the median price for a home in San Diego County was $415,000, up from $412,750 in October. Higher home prices means people are gaining equity, so they are more likely able to avoid default by selling their home if they can’t pay their mortgage.