County foreclosures leap higher | The San Diego Union-Tribune
Home foreclosures in San Diego County continued a troublesome climb into record territory in June, but analysts say the number has yet to reach a threshold that creates a drag on real estate prices or the economy.
From May to June, county foreclosures increased from 532 to 657, a 24 percent increase and a record for any month since 1988.
Graphic: Default notices in Southern California
County notices of default, the first step in the foreclosure process that occurs when homeowners begin missing mortgage payments, totaled 8,314 for the first six months of 2007, compared with 3,311 in the same period last year, a 151 percent increase. From May to June of this year, default notices rose from 1,441 to 1,596, an 11 percent increase.
Although foreclosures are spiking, there is no reason for homeowners to