The average mortgage balance in San Diego in the second quarter was $258,548, making it the third highest city in the country in a ranking compiled by Manilla.com, a Hearst-owned account management service.

Manilla’s most recent report showed a jump in San Diego residents either paying off or refinancing their mortgages because the average balance declined by $10,000 from the first quarter when the balance ranked the city as second highest in the nation behind only San Francisco.

San Francisco’s average mortgage balance for the second quarter remained the largest at $312,302, followed by Los Angeles at $262,793.

The remaining cities in the top 10 based on mortgage debt were New York, Washington, D.C., Seattle-Tacoma, Sacramento, Portland, Ore., Boston, and Miami-Ft. Lauderdale, Fla.

Manilla found that the average mortgage balance nationwide as of July 1 was $150,200, which was down about 4 percent from the end of 2012.

The same report found the average student loan balance nationally was $12,815, down from $12,826 at the end of the first quarter.

The city with the highest average student debt was Memphis, Tenn. where it was $21,578. San Diego wasn’t in the top 10 in student debt.

— SDBJ Staff Report