Bay Area Notices of Default (NODs) in the fourth quarter of 2009 rose 21.8% on a year-over-year basis, up 54% in San Francisco proper (from 302 to 465). NOD activity in San Francisco fell 23.4% from the third to fourth quarter (versus a 14.4% decline in 2008).
Actual Bay Area foreclosures in the fourth quarter fell 2.8% on a year-over-year basis (from 7,677 to 7,464) with Contra Costa (down 6.9% to 2,151), Alameda (down 6.2% to 1,576) and Santa Clara (down 7.6% to 1,244) leading the way with respect to volume.
Fourth quarter recorded foreclosures in San Francisco totaled 174, up 55.4% on a year-over-year basis but down 2.8% (5 homes) from the third quarter 2009 and versus a 42% drop from the third to fourth quarter in 2008 (think moratoriums).
∙ Another Drop in California Mortgage Defaults [DQNews]
∙ Actual San Francisco Foreclosures Up 31.6% QOQ (Down 6.8% YOY) [SocketSite]