Bay Area Notices of Default (NODs) fell 30.5% on a year-over-year basis in the third quarter of 2010, down 20.4% in San Francisco proper (from 607 to 483). At the same time NOD activity in San Francisco rose 12.1% from the second quarter of 2010 to the third (versus a 3.1% gain from the second to third quarter the year prior).
On average, homes foreclosed on last quarter took 8.7 months to wind their way through the formal foreclosure process, beginning with an NOD. That’s down from 9.1 months for the prior quarter but up from 7.0 months a year earlier. The increase from last year could reflect, among other things, lender backlogs and extra time needed to pursue possible loan modifications and short sales.
Actual Bay Area foreclosures in the third quarter fell 9.4% on a year-over-year basis (from 7,462 to 6,757) with Contra Costa (down 7.0% to 1,909), Alameda (down 20.2% to 1,404) and Solano (up 2.0% to 1,045) leading the way with respect to volume.
Third quarter recorded foreclosures in San Francisco totaled 180, up a nominal 0.6% on a year-over-year basis, even with the second quarter, and versus a 31.6% gain from the second to third quarter in 2009.
∙ California Mortgage Defaults Rise in Third Quarter [DQNews]