One of the important factors in deciding what to price a home in Point Loma for sale, or to purchase a home is how many foreclosures and in the immediate area. The more distressed properties the more likely the prices may continue to move downward as Banks bring the real estate owned (REO) homes at aggressive prices.
I would suggest that you bookmark this page as it is updated on a regular basis. If you want to search for active distressed properties please visit our Foreclosure page which includes a chart of the foreclosure process.
The chart above shows Point Loma foreclosures including both Notice of Default and Notice of sale for the last 12 months. Notice of Default (NOD) is the first public notice that the owner is in financial difficulty and starts the foreclosure process. Historically this can be filed as early as several missed mortgage payments, but Banks may take months to record the NOD. The Notice of Trustee Sale can be recorded as early as 3 months from the filing of the NOD. Once the Notice of Trustee Sale has been recorded the initial auction date can be scheduled as little at 20 days, but many are postponed for up to one year.
The second chart indicates cancellations of auction dates, percentage of homes that went back to the Bank (REO), and those purchased by a third party. Third party sales are cash investors that are flipping the properties for profit or holding for investment.
The third chart indicates the change in percentage from the previous year on Pre-foreclosure homes or Notice of Default, scheduled for sale, and bank owned properties (REO).
Finally the 4th chart shows the time to foreclosure percentage change from the previous year, time to re-sell on a Bank Owned Property, and time to re-sell on a 3rd party (investor) sale.