Report: San Diego foreclosures are at 5-year low

The most up-to-date DataQuick numbers on the housing market in San Diego County show the lowest level of foreclosures San Diego has seen in five years, the San Diego Union-Times reports.

The DataQuick numbers show default notices, which are viewed to signal the first step of the formal foreclosure process, as remaining relatively steady in May, down 1 percent from last year, and up about 1 percent from April. The number of San Diego homes foreclosed on in May was 426, which is 19 percent fewer foreclosures than in April and a full 51 percent fewer than May 2011.

These numbers have led some to speculate that the news of declining foreclosures coupled with higher prices and sales could point to a housing market recovery. Mark Goldman, a real estate professor at San Diego State, explains the market stabilization as a result of people gradually resolving prior financial trauma, reports the Union-Times.

The San Diego County website outlines a variety of resources available to the public, with information about county programs that may be helpful for people across all levels of income and with different housing statuses. Among the resources offered is a supplemental tax calculator for prospective buyers of real estate in San Diego to use in order to estimate the supplemental tax that would be accrued during a property transaction.