Numbers are in for the first half of the year and foreclosure activity is up nationally but not so much in San Diego due to the lack of inventory and the ability to easily sell at stabilized, near-high prices.
What does the national picture look like?
According to ATTOM, a national provider of property data, states that saw the greatest increase in foreclosure activity compared to a year ago include Maryland (up 100 percent); Oregon (up 99 percent); Alaska (up 95 percent); West Virginia (up 83 percent); and Arkansas (up 72 percent).
Nationwide, 0.13 percent of all housing units (one in every 752) had a foreclosure filing in the first half of 2023.
States with the highest foreclosure rates in the first half of 2023 were Illinois (0.25 percent of housing units with a foreclosure filing); New Jersey (0.24 percent); Maryland (0.23 percent); Delaware (0.23 percent); and Ohio (0.20 percent).
Other states with first-half foreclosure rates among the 10 highest nationwide were South Carolina (0.19 percent); Florida (0.19 percent); Nevada (0.19 percent); Indiana (0.18 percent); and Connecticut (0.16 percent).
Realtor.com broke it down further and looked at metro areas with high rates finding Atlantic City, New Jersey, with a median list price of $392,450 but a June foreclosure filing per 10,000 housing units at 6.8. Modesto, California, about 70 miles south of Sacramento, made the list too. With a median list price of $532,438 and June foreclosure filings per 10,000 housing units at 4.3.
If you are considering moving out of state this could be a good time to cash in on California appreciation and move to an area where foreclosures are impacting median price. There could be some good deals to be found.