As with every month so far in 2009, more existing San Diego homes went into foreclosure than were sold. Just barely, though — the ratio of home sales to default notices (the initial stage of foreclosure) was just gnat’s eyelash below one-to-one. The ratio was .997, to be exact. That’s the best sales-per-default ratio all year.
But it’s still terrible. The following graph shows that while the sales-per-default ratio is above the lows set earlier in this downturn, it’s still well lower than it was at any time during the two decades or so that preceded the current housing crash.