Defaults are at their lowest number since October 2008 from their peak in March of 2009. Foreclosures have also declined according to DataQuick. Is this due to more short-sales or because lenders don't want too many losses on their books?
Are the local experts surprised?
Marney Cox? San Diego Association Of Realtors:
YES Although defaults/foreclosures have slowed compared with last year, the slowdown may not be due to an improving housing market. First, banks may be influencing the rate at which foreclosures are occurring ? keeping their inventory of properties from piling up and providing some control over the number of foreclosed properties on the market for sale, which would otherwise further depress prices.
Alan Glin?University Of San Diego:
NO One thing that has helped is the positive job growth in the local economy so far this year. Although slow, it has helped some people avoid foreclosures. Also helping is that housing prices have held up a little better in San Diego than in the rest of the country.
See more of?what the experts have to say??
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