County sees big drop in foreclosures, defaults
August stats indicate stabilizing, experts say
By Roger Showley
Union-Tribune Staff Writer
A dramatic drop in home default notices and foreclosures last month may signal a stabilization of San Diego County’s housing market, market analysts said yesterday.
Some economists interpreted the August statistics as reflecting improving economic conditions. But they cautioned that the trend must continue for several more months before they can be certain.
Locally based MDA DataQuick reported a 19.9 percent drop in notices of defaults — the first step on the way to foreclosure — from 3,318 in July to 2,658 in August for San Diego County. The number was 6.7 percent lower than in August 2008 and the lowest since last November.