San Diego home foreclosures hit a 25-year high in April. More than 600 homeowners transferred ownership of their property back to their lenders last month. That's up 20 percent from March.
Nathan Moeder is a real estate analyst with the San Diego based London Group. He says first-time home buyers and homeowners with risky high interest mortgages are struggling right now. Even so, Moeder says the foreclosures aren't having an effect on home prices.
Moeder : Banks are not budging on prices right now if they have to unload a house. We're not seeing a lot of deals in the foreclosure market. We're not seeing prices dip in response to the foreclosure market.
A National Real Estate tracking firm says more than 6,300 homes entered the foreclosure process in the first quarter of the year. That's more than twice the number from the year before. The realty-trac survey finds foreclosure activity in San Diego County to be significantly higher than the national average.
