March 20, 2012
As Pre-Foreclosure Activity Drops, Scheduled Auctions Tick Up In SF
Pre-foreclosure activity in San Francisco has dropped from 611 properties in the pipeline in January to 420 today, 30 percent of which are in District 10*. On a year-over-year basis, pre-foreclosure activity is down 36 percent with 656 properties in the pipeline at the same time last year, 30 percent of which were in District 10.
That being said, the number of properties currently scheduled for auction in San Francisco has ticked up from 549 to 592 over the past two months (34 percent of which are in District 10 versus 40 percent in January), but down from 668 in March 2011 (at which point 43 percent were in District 10).
Last year roughly 70 percent of scheduled foreclosure auctions in San Francisco were cancelled (only one point above the 69 percent cancellation rate for scheduled auctions in District 10), up from a 66 percent cancellation rate in 2010, 55 percent in 2009, 53 percent in 2008, and 49 percent in 2007.
*Editor's Note: In an attempt to match and map two disparate data sets, we include 94124, 94134 and 94112 in "District 10," which results in a slightly larger area than the District as defined by the San Francisco Association of Realtors.
∙ San Francisco Foreclosure Trends And 2011 And Retrospective [SocketSite]
∙ San Francisco Foreclosure Activity Climbs Outside Of District 10 [SocketSite]
∙ San Francisco Association Of Realtors New Neighborhood Map [SocketSite]
First Published: March 20, 2012 10:15 AM
Comments from "Plugged In" Readers
Word on the street is foreclosure auctions and newly posted foreclosure properties have been down due to the states signing and closing out the litagation for "robo-signing"
I have noticed the newly posted auctions have slowed way way down!
Posted by: inclinejj at March 20, 2012 5:36 PM
Also, this could be a side effect of the firmness of the SF market. As the proportion of owners underwater stabilizes or diminishes through sales, there are less reasons for defaults. 1 - Strategic defaults are not as attractive an option. 2 - A better market can help you escape from of a bad financial situation. I think it's a mechanical side-effect. If you look at other regions that have lost 50 to 60%, people would default at -20%, -40%, -60%. If the crash seems to stop at -20% like SF, there are less reasons for sustained distress.
Posted by: lol at March 21, 2012 8:43 AM