Buyers find Bargains in Areas Hardest Hit by Foreclosures

A new analysis from MDA DataQuick shows that more than 25% of all homes in the county are worth less than the owners owe on their mortgages. And nearly two-thirds of those who sold last year settled for less than previous owners had received.

Distressed sales were most prevalent in inland areas that have been hit hard by foreclosures. Of 82 ZIP codes analyzed, 55 saw a majority of homes sold at a loss last year.

All South Bay and East County communities saw a majority of home sales at a loss, as did central San Diego neighborhoods including downtown, City Heights, Normal Heights-Kensington, Serra Mesa, Clairemont and Allied Gardens-Del Cerro.

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Source: San Diego Union-Tribune