August 19, 2013
San Francisco Foreclosures On Track For 80 Percent Drop
As we first reported this past December, with over 500 homes foreclosed upon in San Francisco last year, 2012 was actually the high-water mark for homes being taken back by the bank, up 27 percent from 2011. But with a decline in San Francisco's pre-foreclosure pipeline, we expected foreclosure activity to dry up in 2013.
Pre-foreclosure activity in San Francisco has since fallen 50 percent, from 286 properties at the end of December to 140 today, 38 percent of which are in District 10*. On a year-over-year basis, pre-foreclosure activity is down 63 percent with 378 properties in the foreclosure pipeline at the same time last year, 33 percent of which were in District 10.
The number of properties currently scheduled for auction in San Francisco has dropped 52 percent since the end of 2012, from 332 to 158 (42 percent of which are in District 10 versus 39 percent at the end of 2012), down from 591 a year ago (at which point 42 percent were in District 10).
Keep in mind that roughly 69 percent of scheduled foreclosure auctions in San Francisco were cancelled in 2012, down one point from a 70 percent cancellation rate in 2011 and versus a 66 percent rate in 2010, a 55 percent rate in 2009, a 53 percent rate in 2008, and a 49 percent cancellation rate in 2007.
And if our forecast is correct, there will be fewer than 100 San Francisco homes actually foreclosed upon in 2013, down eighty percent from last year and fewer than 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.
∙ Foreclosures In San Francisco Peaked In 2012, Set To Fall In 2013 [SocketSite]
∙ San Francisco Foreclosure Trends And 2011 Retrospective [SocketSite]
∙ San Francisco Foreclosure Activity Climbs Outside Of District 10 [SocketSite]
∙ San Francisco Association Of Realtors New Neighborhood Map [SocketSite]
First Published: August 19, 2013 10:00 AM