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Mortgage Defaults Slow -- Kind Of
While the number of homes entering the final stage of foreclosure hit another all-time record in July, the number of homes entering foreclosure actually declined.
 This decrease may not be very meaningful, however. To begin with, the number of notices of default (NODs, which notify owners that they have entered the foreclosure process) is only slightly down from its recent record heights. As the accompanying graph shows, the number of NODs filed in July was substantially higher than anything seen during the region's protracted 1990s housing bust.
In addition, even this decrease may be temporary. A recent Wall Street Journal article notes the significance of California's recent foreclosure legislation:
A new state law in California requires lenders to wait an additional 30 days after a homeowner misses the first payment before filing a default notice and use more "due diligence" to attempt a loan modification. The law took effect July 8.
The article goes on to cite some experts as believing that the new law has simply caused a temporary respite in new foreclosures, and that the numbers will surge back up again within a few months as delayed foreclosures eventually get processed.
If this explanation is correct, then we can probably expect further decreases in NODs for at least another month and a corresponding increase soon thereafter.
-- RICH TOSCANO
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A little recognition.
Friday, November 21 -- 4:03 pm
It doesn't look like the mayor has the City Council votes to shut down libraries and rec centers.
Saturday, November 22 -- 1:28 pm
The first day a store opens, shoplifters have a field day.
Friday, November 21 -- 11:43 am
SURVIVAL IN SAN DIEGO
Retail and construction sectors lose a combined 10,000 jobs over the year in San Diego County.
Friday, November 21 -- 5:43 pm
LETTERS TO THE EDITOR
Time to pony up.
Thursday, November 20 -- 7:20 pm
CAFÉ SAN DIEGO
Follow up to your responses and questions.
Thursday, November 20 -- 7:07 pm
COMMENTARY: SLOP
It's not looking like he did.
Friday, November 21 -- 4:50 pm
COMMENTARY: RICH TOSCANO
Home sales have exploded in low-priced areas of San Diego even as they decline in pricier neighborhoods.
Thursday, November 20 -- 11:13 pm
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This Just In
City Attorney's Office is tight-lipped, but mayor's rep says liability could drop. » Jan. 7 -- 7:06 pm
How in the world did the real estate market free a Cunningham briber?
Jan. 7 -- 3:55 pm
Agency kills negotiations on Ballpark Village, looks ahead to New Year.
Jan. 7 -- 2:43 pm
SURVIVAL IN SAN DIEGO
A peek inside the under-construction Vantage Pointe.
Jan. 7 -- 2:58 pm
LETTERS TO THE EDITOR
Help readers get to know the new City Council president on a more personal level.
Jan. 7 -- 1:46 pm
CAFÉ SAN DIEGO
Here's a look at the tangible results MPAs have yielded.
Jan. 6 -- 4:30 pm
COMMENTARY: SLOP
Convicts find freedom, the former city manager of Chula Vista heads to Iraq, and more tidbits.
Jan. 6 -- 7:22 pm
COMMENTARY: RICH TOSCANO
The median-based price indicators closed out a dismal 2008 with another monthly decline.
Jan. 6 -- 4:06 pm
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