The San Diego County Clerk's office just released an update on foreclosure activity in the County for the first half of 2009. 

Compared to 2008, we have seen an 8% increase in the number of Notices of Default filed.  However, actual foreclosures are down by 23% for 2009 when compared to last year's numbers through July.

We are definitely seeing clients opting for short sales and/or loan modifications in an effort to prevent foreclosure.  We also know that the banks have been holding off on the foreclosure process as well.  One concern is that we will encounter a tidal wave of foreclosures that have thus far been in a holding pattern these last few months.  I think everyone is holding their breath to see if that happens or not.  Stay tuned for further updates.

 Click here to see the Recorder's full report.