Fans of Coastal San Diego

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Monday, April 23, 2007

San Diego Ranks 302nd out of 379

Ouch. Doesn't sound like good news, does it?

Actually, it is good news, relatively speaking. There has been lots of press recently about all the short sales, foreclosures and fraud in the mortgage industry, not to mention the subprime issues we have been hearing so much about (sorry - I'm a REALTOR so this stuff interests me, although these issues can impact our overall economy here in SD, so it affects you too).

The good news is San Diego ranks 302nd out of 379 markets in terms of mortgage fraud. Which means there are 301 markets that are worse. Mark Fleming, chief economist for CoreLogic Systems (a Sacramento firm that measures lending risks) goes on to say that we also are 85th on the list of the 100 largest markets. Certainly there is concern about the rate of short sales and foreclosures that we are seeing, with a dramatic increase since 2006, but the news, at least for now, indicates that we are not suffering to the extent that many areas are.

But there is concern that we will see the rates of mortgage fraud rise with the changes that have occurred in housing prices and the increase in foreclosures. Folks that may be in danger of losing their homes through foreclosure are, unfortunately easy prey for criminals who are out to make a quick buck through fraudulent loans and other means.

To read more on this issue, take a look at the article that was in Sunday's Home section by Emmet Pierce.

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