San Diego Bank Foreclosures – San Diego Foreclosures Hits A Two-Year High

by Simon Lindsay on cities

San Diego, California is a beautiful coastal city in southwest of United States of America. The second largest in the state, and 8th largest in the nation, San Diego has many things to offer people who are looking to relocate for better quality of life. A great way for first time homeowners to purchase property in this coastal city is through investment in San Diego bank foreclosures.

Experiencing an accelerated growth in property prices over the last 10 years, San Diego real estate market is often described as “housing affordability crisis”. The average property price for home has increased more than 3 times since 1998-2007. California bank foreclosures rates have also been the highest over the last 2-3 years. Today, San Diego bank foreclosures are one of the best ways to invest in a bigger and better home that fulfills your needs and contributes in securing a better future for your children. The money that you save, and it can be significant almost over 30% to 50%, from purchasing one of the bank foreclosures in San Diego can be used to provide better education to your children, improve your home, buy a new car, or just create an egg nest for emergency situations.

If you check the foreclosure listings for San Diego in the last few months, you will discover that the number of foreclosure filings have doubled in the county in the first quarter of 2007 over the same period in 2006 and have increased by 6 times from 2005. Staggering as these statistics are, almost 49% of homes have been foreclosed in San Diego for the month of March 2007. What this really means is that one in every 408 households goes through a foreclosure.

The increase in San Diego bank foreclosures can be attributed to the careless lending norms and a slowing real estate market.