Many of you ask about foreclosure activity and opportunities in our market. I answer that I rarely see them in San Francisco itself And as reported this week on sfgate.com per DataQuick: of the 18,516 notices of default recorded in the Bay Area in the 2nd Quarter, only 418 were in SF — that’s about 2.2% of the total. Of all the Bay Area counties, SF also had the lowest year to year gain in defaults: 62.6%.
They estimate that approximately 78% of those receiving notices of default will be foreclosed upon with “22% emerging from the foreclosure process by catching up on their payments, refinancing or selling.”
The entire article is here: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/07/22/BUE511T63B.DTL&tsp=1
Sfgate now has a search engine for Bay Area foreclosures, updated weekly, which can be searched by county, city or zip code: http://www.sfgate.com/webdb/foreclosures/
If you have questions about a distressed property, or you have a friend who needs to buy or sell, please get in touch and I will be happy to use my experience with short sales and foreclosures to work!