Not only do coastal and inland areas of San Diego show relatively low levels of foreclosure activity, but so far at least 1/3 of all REOs in these areas are condos. There’s very little distress among single-family houses in good areas.
Among those houses that do get foreclosed upon, considerable numbers are neither listed nor resold. Banks seem to be simply sitting on them. (Random example: 7958 Camino Tranquilo in University City)
It’s interesting to compare these rates with Temecula/Murrieta, but I can’t find any foreclosure data for Riverside County.
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