February 1, 2012

San Francisco’s Growing "Condominium Foreclosure Backlog"

UPDATE: At the request of Polaris, we have removed their proprietary Condominium Foreclosure Backlog chart and counts. Our apologies to all involved.

San Francisco Foreclosure Trends And 2011 And Retrospective [SocketSite]
Actual San Francisco Foreclosures Flat QOQ, Up 3.8% YOY In Q4 2011 [SocketSite]

First Published: February 1, 2012 12:00 AM

Comments from "Plugged In" Readers

I wonder if the method may over count the backlog. We rented a place that went into foreclosure and eventually sold in a short sale -- but in the process there were 2 not 1 NOD's filed and per the description above, that would add two and then subtract one from the inventory. I hope they would pick this up, but who knows.

Posted by: calhousebear at February 1, 2012 6:43 AM

Nothing to see here. Move along. The market is strong and "surprisingly resilient".

Posted by: diemos at February 1, 2012 7:06 AM

This, along with the continuing weak economy, is why we're not going to see price increases for many more years in SF. 600 in the pipeline currently. 140 new NODs every month (that includes SFRs). Add in the normal monthly new listings. And only about 230 condo/TIC sales a month. Lots of pent up supply and low demand.

Posted by: A.T. at February 1, 2012 7:09 AM

You people are obviously living in a pre-Facebook-IPO world.

Posted by: EH at February 1, 2012 11:06 AM

Here is the EBG condo report. I'm not going to tell you how many 1278 sq.ft. units I had to look up to find this gem in ORH. I will say, though, that there are an impressive number of units (bought for $1million+) that were purchased for cash by trusts. I suppose some of them are wishing they had purchased with a put option instead.

At any rate, here's our ORH pent up demand unit of the day:
425 1st Street Unit 1503 purchased for $1,023,248 in 2008. A NOD was file on Nov. 23, 2011. It looks like it has a first and second from Countrywide, so I'm betting it'll go the distance. PS took away some of the toys, so I don't have the details on the mortgages. RT shows $818.5k due.

Posted by: EBGuy at February 1, 2012 12:00 PM

425 1st Street Unit 1503 purchased for $1,023,248 in 2008. A NOD was file on Nov. 23, 2011. It looks like it has a first and second from Countrywide, so I'm betting it'll go the distance. PS took away some of the toys, so I don't have the details on the mortgages. RT shows $818.5k due.

The unit was purchased by way of a first mortgage for $818,500 and second for $102,320 with 10 percent ($102,428) down.

While the notice was only filed a few months ago, at the time of the filing the first mortgage was already $127,155 past due.

Posted by: SocketSite at February 1, 2012 3:24 PM

Post a comment


(required - will be published)


(required - will not be published, sold, or shared)


(optional - your "Posted by" name will link to this URL)

Remember Me?

(you may use HTML tags for style)


Continue Perusing SocketSite:

« S&P/Case-Shiller San Francisco: Homes Dip, Condos Slip In November | HOME | Two-Year Payout For Evicted Tenants Accelerated And Approved »