April 23, 2012
Pre-Foreclosure Activity Ticks Back Up In San Francisco
Having slowed down in the first quarter of 2012, pre-foreclosure activity has picked back up in San Francisco over the past month with 480 properties in the pipeline, 36 percent of which are in District 10*, up from 420 properties in the pipeline last month. On a year-over-year basis, pre-foreclosure activity is down 27 percent with 660 properties in the pipeline at the same time last year, 28 percent of which were in District 10.
The number of properties scheduled for auction in San Francisco fell by one over the past month and currently tallies 591 (42 percent of which are in District 10 versus 34 percent last month), down from 692 in April 2011 (at which point 41 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.
First Published: April 23, 2012 12:00 PM
Comments from "Plugged In" Readers
I don't know how this tracks over time, but it's curious that activity appears to becoming more concentrated in District 10. This would be yet another positive indicator that SF is stabilizing and coming back, if properties outside of District 10 are becoming less likely to be severely underwater, due to either equity gains or rent value.
[Editor's Note: With respect to historical context and concentration: San Francisco Bucks CA Foreclosure Trends, But Not In A Good Way.]
Posted by: curmudgeon at April 23, 2012 2:45 PM
70% of sales canceled is not true. I would say about 5%-10% of the scheduled sales are canceled every week.
New foreclosure postings are way way down!
At least in the areas I follow.
[Editor’s Note: The cancelation rates above represent the percentage of total scheduled auctions that were cancelled, and not simply postponed, versus successfully foreclosed upon (either by the bank or third-party) in each calendar year.]
Posted by: inclinejj at April 24, 2012 11:25 AM