Bay Area Notices of Default (NODs) in the third quarter of 2009 rose 25.2% on a year-over-year basis, up 72.0% in San Francisco proper (from 353 to 607). NOD activity in San Francisco increased 3.1% from the second to third quarter.
Actual Bay Area foreclosures in the third quarter fell 38.3% on a year-over-year basis (from 12,093 to 7,462) with Contra Costa (down 43.9% to 2,053), Alameda (down 30.2% to 1,760) and Santa Clara (down 42.9% to 1,237) leading the way with respect to volume.
Second quarter recorded foreclosures in San Francisco totaled 179, down 6.8% on a year-over-year basis but up 31.6% (43 homes) from the second quarter 2009. Expect San Francisco foreclosures to continue to rise over the next few quarters as moratorium delayed NODs work their way through the system.
∙ California Mortgage Defaults Trend Down Again [DataQuick]
∙ Actual San Francisco Foreclosures Up 34.7% QOQ (Down 3.5% YOY) [SocketSite]