Declining foreclosure rate in San Diego is good news for potential homeowners

Foreclosure is never a pleasant process to experience. Homes for sale in San Diego that have been foreclosed upon by banks and lenders are riddled with previous property taxes, possible safety hazards and disputed ownership claims. However, the rate of foreclosures in San Diego is spelling good news for homeowners and buyers alike.

According to real estate information firm DataQuick, the foreclosure rate in February of 2012 was 13 percent less than the previous month. The concern with a high foreclosure rate is that if a large amount of property is targeted at the same time, the overall recovery of the market could be affected as residences are taken off the market.

"The trouble is, there are still a lot of people who are behind on their payments," said DataQuick employee Andrew LaPage, according to KPBS. "They're in trouble and they're just stuck somewhere in the process. And it is not clear how the lenders will handle them. If the economy and the housing market continue to heal gradually, then we think we'll be through the worst of it in the next year or two."