Bay Area Notices of Default (NODs) in the second quarter of 2009 rose 7.3% on a year-over-year basis, up 40.9% in San Francisco proper (from 418 to 589). NOD activity in San Francisco increased 3.5% from the first to second quarter.
Actual Bay Area foreclosures in the second quarter fell 25.4% on a year-over-year basis (from 9,293 to 6,929) with Contra Costa (down 30.9% to 2,048), Alameda (down 18.4% to 1,466) and Santa Clara (down 22.4% to 1,210) leading the way with respect to volume.
Second quarter recorded foreclosures in San Francisco totaled 136, down 3.5% on a year-over-year basis but up 34.7% (35 homes) from the first quarter 2009. Expect San Francisco foreclosures to rise dramatically over the next few of quarters as moratorium delayed NODs work their way through the system.
∙ California Second Quarter Mortgage Defaults Edge Down [DataQuick]
∙ Actual Q1 San Francisco Foreclosures Fall But Notices Of Default Spike [SocketSite]