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San Diego Foreclosures Up 5%

Bank OwnedAccording to RealtyTrac’s U.S. Foreclosure Market Report for January 2015, foreclosure filings (default notices, scheduled auctions and bank repossessions) were reported on 119,888 U.S. properties in January, an increase of 5 percent from the previous month but still down 4 percent from a year ago.

The 5 percent monthly increase was driven primarily by a 55 percent monthly jump in bank repossessions (REOs) to a 15-month high. A total of 37,292 U.S. properties were repossessed by lenders in January, up 23 percent from a year ago to the highest monthly total since October 2013.

“The year-over-year increase in REOs in January was the first annual increase nationwide following 25 consecutive months of declines, getting the foreclosure spring cleaning we anticipated in our last foreclosure report off to a quick start in 2015,” said Daren Blomquist, vice president at RealtyTrac. “Meanwhile, the number of future foreclosure auctions scheduled in January continued to increase in many states, foreshadowing more foreclosure spring cleaning to come in the next several months in those states.”

21 states post annual increase in scheduled foreclosure auctions.

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San Diego Foreclosures

ForeclosureAndrew LePage, a CoreLogic DataQuick analyst, noted that November had fewer working days than most months, with five weekends and the Thanksgiving holiday. That could have reduced the number of foreclosures recorded.

Default notices, which trigger the foreclosure process after 90 days of missed payments, also fell over the month. In November, lenders filed 335 default notices, down 10 percent from November 2013. The notices also fell 29 percent from October’s 474 filed.

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