October 11, 2012
Foreclosure Activity In San Francisco: Pipeline Flattens, Auctions Fall
Having fallen 5 percent from July to August, pre-foreclosure activity in San Francisco has remained relatively flat over the past two months with 375 properties in the pipeline, 35 percent of which are in District 10* versus 33 percent two months ago when a total of 378 San Francisco properties were in the pipeline.
On a year-over-year basis, pre-foreclosure activity is down almost 40 percent with over 600 properties in the pipeline at the same time last year, roughly 35 percent of which were in District 10.
The number of properties currently scheduled for auction in San Francisco (477) fell by 7 percent over the past two months, 44 percent of which are in District 10, roughly the same percentage as in 2011.
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: October 11, 2012 9:00 AM
Comments from "Plugged In" Readers
Thanks for posting. Very interesting statistics.
Posted by: eddy at October 11, 2012 10:09 AM
I don't watch all of SF but new Notice of Sales have been down for a month or two. Why? I think its election year grandstanding and also banks are getting better and quicker at closing short sales. Plus the modifications are happening at such a low rate, people can make the payments.
Now I am seeing a general slowdown on people out and about spending. Don't know if its saving up for the holidays, not knowing what will happen after the election, or people are maxed out.
The #1 problem in the housing market the housing homers are not looking at is underwater property. How many people will just quit paying next year? If the economy slows back down, and layoffs start up how many people just walk away?
SF to Silcion Valley is different due to high paying jobs but even as sales are increasing in the central valley prices are not. But rents are starting to rise again.
Posted by: inclinejj at October 12, 2012 4:08 AM
To the Editor: Censorship is very appropriate when you don't like what's being said, very communistic/socialist, indeed.
[Editor's Note: Trolling for a political fight, regardless of your affiliation, isn't going to fly. If you can't do better than "Obummer" and "DumocRATS," don't bother.]
Posted by: Pffft at October 12, 2012 2:06 PM