Beginning in early 2013, San Diego banks will be required to register foreclosed homes into a tracking database, according to U-T San Diego, the region’s local publication.
Approved by City Council Tuesday, the city ordinance will help code enforcement officers pinpoint potential problem properties that could provoke crime, safety issues and declines in property values, the article’s author Lily Leung wrote.
Every time a property is registered, banks will have to pay a $76 fee within 10 days of the notice of default filing. If a lender fails to pay this fee within 10 days, a fine of $100 a day will be issued with a cap of $5,000 a year.
Since 2007, San Diego County has faced more than 65,000 foreclosures. While foreclosures in San Diego County have fallen more than 75% since they peaked in 2008, they are still higher than normal.
U-T San Diego reports the county has faced 65,000 foreclosures since 2006. The latest city ordinance is one of three created to hold banks responsible for properly maintaining foreclosures.
California Representative John Campbell introduced federal legislation in early September to prohibit the government from backing mortgages in areas where underwater loans are seized through eminent domain.
