Bay Area Notices of Default (NODs) in the first quarter of 2009 rose 17.6% on a year-over-year basis, up 35.5% in San Francisco proper (from 420 to 569). NOD activity in San Francisco jumped 88.5% from the fourth quarter (302) as a Fannie Mae and Freddie Mac foreclosure moratorium in the fourth quarter expired on January 31, 2009.
Actual Bay Area foreclosures in the first quarter fell 9.0% on a year-over-year basis (from 6,646 to 6,050) with Contra Costa (down 22.0% to 1,738), Alameda (down 8.0% to 1,681) and Santa Clara (up 24.9% to 1,157) leading the way with respect to volume.
First quarter recorded foreclosures in San Francisco totaled 101, down 18.5% on a year-over-year basis and down 9.8% (11 homes) from the fourth quarter 2008. Once again, however, keep in mind that foreclosure moratorium by Fannie Mae and Freddie Mac.
∙ Golden State Mortgage Defaults Jump to Record High [DataQuick]
∙ Actual San Francisco Foreclosures Down 42% QOQ (Up 70% YOY) [SocketSite]