Some areas of the county, like Poway and Coronado, have managed to stay afloat in this brutal economy, according to our media partner theNorth County Times
.
The city's Redevelopment Agency published a report that 168 foreclosures took place in Poway from January 2007 to November 2008. That amounts to about 2.5 percent of the homes in the city.
Escondido is not doing so hot -- about 6.5 percent of all homes were bank owned, placing it at the top of the foreclosure list. Coronado, on the other hand, had not one bank-owned home, the paper reported.
The manager of Poway's housing program and the writer of the foreclosure report Ingrid Alverde said Poway was probably doing better because of the city's high housing costs deterred first-time buyers who were looking for a more risky loan. Houses in Poway that were foreclosed do not sit on market for long either. Alverde said that homes in the city tend to sell within 30 days because it is a desirable place to live.
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