Per Socketsite.com, pre-foreclosure activity in San Francisco has remained relatively flat over the past two months with 375 properties in the pipeline, 35 percent of which are in District 10 (i.e. Bayview / Hunters Point) versus 33 percent two months ago when a total of 378 San Francisco properties were in the pipeline. On a year-over-year basis, pre-foreclosure activity is down almost 40 percent with over 600 properties in the pipeline at the same time last year, roughly 35 percent of which were in District 10 (which is likely the least desirable sub-district in the City) – hopefully this gives you some perspective.
Per Foreclosureradar.com, on a more macro (overall California level), September 2012 California Notice of Defaults were down 20.7 percent from the prior month, and down 48.1 percent compared to last year. There has been speculation that the banks would rush to clear inventory before the CA Homeowner Bill of Rights takes effect in January, 2013, causing an increase in the number of foreclosures. Clearly, this is not the case as we continue to see the number of Foreclosure Starts decline.
The above data is very encouraging and supports the over-the-ask / multiple bid activity currently experienced in San Francisco. Feel free to reach out to me to further discuss the San Francisco real estate market and what I anticipate looking ahead.