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San Francisco Foreclosed Homes for Sale Surged 28 Percent

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By : John Cutts    99 or more times read
San Francisco foreclosed homes for sale grew in November by 28 percent from October, based on data from a California-based real property research company.

The bank-owned foreclosures however marked a drop of 17 percent from foreclosures in November 2008 and a drop of more than 51 percent from September this year.

In addition to the bank repossessed foreclosures, a total of 2,568 homes were notified of default and another 2,515 homes were notified of trustee sales. The defaults marked a substantial increase of 56.1 percent from November 2008 and the trustee sale notices marked a jump of nearly 21 percent from last year.

All in all, a total of 6,294 foreclosure actions were filed in the San Francisco Bay Area, marking an increase of more than 21 percent from November 2008.

In the five-county area comprised by the counties of Alameda, Contra Costa, San Joaquin, San Mateo and Solano, 9,524 foreclosure actions were filed, with Contra Costa posting the highest number, followed by San Joaquin.

While Contra Costa had 687 bank-repossessed units for sale and San Joaquin had 636 units for sale, San Francisco foreclosed homes for sale reached 1,211 units.

Alameda had 368 repossessed units, Solano had 266 units and San Mateo had 54 units repossessed.

Statewide, almost 74,000 households received notices of default or foreclosure in November, including more than 30,000 that were given notices of default and another 29,125 that were given notices of trustee sales. Another 14,799 residential units were already foreclosed and repossessed by lenders.

The pace of foreclosures in California in November slowed down if compared to the month before, but still stepped up by more than 22 percent if compared to the foreclosure pace in November 2008. One foreclosure occurred for every 180 residential units, putting California third in ranking based on pace of foreclosures. Nevada and Florida had the highest foreclosure rates.

According to California housing analysts, despite the slight slowdown in foreclosure activity in the state compared to the previous month, more foreclosure actions are expected in December and next year because of the expected redefault of modified loans.

In addition, the jobless rate in California is still high at the seasonally adjusted rate of 12.5 percent, which marked an increase from 12.3 percent in September. The record number of adjustable-rate mortgage loans set to readjust to higher rates is also expected to push a lot of homeowners into foreclosure.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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