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San Diego Housing Market On The Verge Of More Foreclosures

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Aired 7/14/10

A real estate tracking firm says San Diego home sales rose last month. But KPBS Reporter Erik Anderson explains market watchers remain leery about the possibility of a second, large wave of foreclosures.

A real estate tracking firm says San Diego home sales rose last month, but market watchers remain leery about the possibility of a second large wave of foreclosures.

The number of homes changing hands went up more than 5 percent, from June a year ago to last month.

Andrew LePage is with San Diego-based MDA DataQuick, a regional real estate tracking firm. He says there's been more activity in the upper end of the market, and fewer foreclosures in the lower end. He says there's lingering concern a large number of homeowners are on the verge of being forced out of their properties.

"If they trickle out over two years, that's a lot different than if we get a big sudden surge in the second half of this year," said LePage.

LePage says nearly 34 percent of the region's home sales last month involved foreclosures. A year ago, it was more than half.

LePage says the percentage hovers in the single digits when the market is considered to be in balance.

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