CFAH

Notices of default and formal foreclosure proceedings for homeowners across the nine-county Bay Area have dropped to their lowest level in over eight years.  But there’s one Bay Area country in which default activity has been ticking up over the past year.

Having dropped by an average of 19.5 percent across the Bay Area, and by as much as 43 percent in Marin, notices of default have increase 22.6 percent over the past year in San Francisco, from 106 to 130, and are up 40 percent over the past quarter (from 93 t0 130) versus an average drop of 2 percent across the Bay Area.

Comments from Plugged-In Readers

  1. Posted by heynonnynonny

    This seems unbelievable. Is there a plausible explanation?

  2. Posted by soccermom

    I’m no statismagician, but a YOY change of 24 Notices of Default in a 7 mile * 7 mile city doesn’t seem like a very significant deal. Small numbers can produce large percentage changes.

    Backing into a notice of default is sometimes the only option for a borrower who wants to short-sell her home. Though the need to short sell seems unlikely to be much of a problem these days…

    I was shown a pre-listing 1500sf house in the Outer Mission last week that was vacant, windows broken out, covered with asbestos shingles and brimming with hobo urine inside. Sellers thought $700K was about right.

  3. Posted by Anon

    ^yeah, reminds one of the “fun with statistics” Ellis Act meme Gullicksen and them foisted on the media cycle

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