San Francisco’s Growing “Condominium Foreclosure Backlog”

I wonder if the method may over count the backlog. We rented a place that went into foreclosure and eventually sold in a short sale — but in the process there were 2 not 1 NOD’s filed and per the description above, that would add two and then subtract one from the inventory. I hope they would pick this up, but who knows.

This, along with the continuing weak economy, is why we’re not going to see price increases for many more years in SF. 600 in the pipeline currently. 140 new NODs every month (that includes SFRs). Add in the normal monthly new listings. And only about 230 condo/TIC sales a month. Lots of pent up supply and low demand.

Here is the EBG condo report. I’m not going to tell you how many 1278 sq.ft. units I had to look up to find this gem in ORH. I will say, though, that there are an impressive number of units (bought for $1million+) that were purchased for cash by trusts. I suppose some of them are wishing they had purchased with a put option instead.
At any rate, here’s our ORH pent up demand unit of the day:
425 1st Street Unit 1503 purchased for $1,023,248 in 2008. A NOD was file on Nov. 23, 2011. It looks like it has a first and second from Countrywide, so I’m betting it’ll go the distance. PS took away some of the toys, so I don’t have the details on the mortgages. RT shows $818.5k due.