December 23, 2013
Having Peaked In 2012, Foreclosures Plummeted In 2013
As we first reported last December, with over 500 homes being taken back by the bank or sold to a third party on the courthouse steps, 2012 was the peak for homes being foreclosed upon in San Francisco and we expected foreclosure activity to dry up in 2013.
Having forecast fewer than 100 foreclosures in 2013, a drop of 80 percent from 2012 and fewer foreclosures than occurred in 2007, San Francisco in on track to end the year with just over 80 properties having been foreclosed upon in 2013, a drop of 84 percent versus the previous year.
There are currently just over 100 properties scheduled for auction in San Francisco versus 330 at the same time last year, 39 percent of which are in District 10*. Roughly 85 percent of scheduled auctions were cancelled over the past year versus 70 percent in 2012 and the number of San Francisco properties in pre-foreclosure currently totals 160 versus 286 at the same time last year.
*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: December 23, 2013 12:00 PM