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Traditional Home Sales Becoming More Frequent in San Diego County

Written by Samuel Scott Financial Group on October 1, 2012

Fidelity Title Company recently released its Transaction Trend Report for the year to date, and it contained good news regarding the San Diego housing market. The percentage of home purchased that were traditional home purchases increased in market share, while short sales, REO’s (foreclosure sales), and auctioned off properties decreased since the start of the new year.


2012 Year to Date Transaction Trend Report


The Reports Findings


Since January the percentage of home transactions that were the result of foreclosures (REOs and Auctions) have decreased significantly in San Diego County. REOs, which made up 21% of the housing market now is hovering around 12% of homes sold in August. Over the same time period foreclosure auctions have decreased from 10% of the market to around 5%. According to Zillow, during the course of 2012, the foreclosure rate has been cut nearly in half from 11 foreclosures per 10,000 homes to 6.3 per 10,000 home each month. Foreclosure rates have not been this low in San Diego since mid-2007.


Most of the market share growth has been in traditional sales. Last month, more than 60% of homes sold in the county were “traditional” up from 45% in January. This is most likely because finally after almost 5 years of decline, home values are finally on the rise not just in San Diego, but nationally as well.


Many of the bad loans that resulted in the financial crisis have either been refinanced or have unfortunately foreclosed or sold short already. Increasing home values are a good (yet early) step in the recovery of not only the housing market, but also the national economy.


Types of Homes Sales

Traditional Home Sales

These are transactions in which the house is sold by the owner, who then uses the proceeds from the sale to pay off the lien. This assumes that the value of the home is greater than the amount the homeowner owed on the lien.


Short Sale

The house is also sold by the owner, but for less than the remaining balance on the lien (underwater homes). This means that the current lien holder will not be completely paid back for the loan by the current owner.


Real Estate Owned (REO)

Occurs when a home is foreclosed upon by its owner and is not sold successfully at auction. REO’s are generally owned by the previous lien holder such as a bank or government agency and sold much like traditional and short sales.



A public auction of a foreclosed property by the lien holder. The process varies by property and jurisdiction.


How long does a borrower have to wait to get financing after a Foreclosure or Short Sale?


While we are glad to see that the home sales in San Diego are trending towards more traditional sales, we do have a large population of people who have recently been through a short sale or foreclosure.


There is a misconception that after having gone through that type of financial challenge, you won’t be able to obtain financing on the future.  That isn’t the case. Borrowers who take a proactive approach to their home loan situation will find there is a light at the end of the tunnel.  


Use the chart below to see the timeline estimates on how long you can expect to wait before being eligible for another loan.   Or, contact any one of our Mortgage Advisors for expert support.  We have worked with people coming out of a myriad of unique situations and would love the opportunity to help you get back on your feet and prepared for you next housing solution.



Are you a Real Estate Professional?


If you’d like, we can co-brand this Marketing Flyer with your personal information so that you can share it with your clients.  Just follow this link to put in the request.

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Samuel Scott Financial Group is a boutique mortgage company recognized for superior customer service and the way their Mortgage Advisors tailor the residential loan process to fit each individual client. Samuel Scott Financial Group was founded in 2006 by Todd “Samuel” Pianin and...
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  • 858.259.6070
  • 12651 High Bluff , Suite 300
  • San Diego, CA 92130