California is Number 4!!!!--and this is NOT a Good Thing--and SF REO Update

By
Real Estate Agent with Alain Pinel REALTORS BRE#00861017

I was reading an article by RealtyTrac (or using their data--not a plug as I am NOT a fan--just giving credit where it might be due) and it talked about the "Top Ten Foreclosure States (as of October)".

 Number 1 on the list was Nevada with 1 in 74 homes. Guess too many people gambled on Vegas instead of in Vegas? J

Arizona was close behind with half the number or 1 in 149 homes; then Florida close with 1 in 157.

 And...drum roll please...California was number 4 with 1 in 231 homes in foreclosure.

And where does my hometown of San Francisco fit into this? I don't know exactly how many homes there are in the entire city of San Francisco but we can look at this a couple of ways. As of today, January 3, 2009, we have 41 REO SFRs (single-family residences). If this would be 1 in 231, we should have a mere 9471 residences-we have far more than that.

Another way of looking at this, is by calculating the percentage of houses listed that have been foreclosed upon. 41 is 9.4 % of 438.

If you have been following my SF REO Stats, you will notice two things-first:  this is a higher percentage in the past but second:  only because the number of homes on the market has fallen by nearly a third over the Holidays.

So overall, I would say that we are still pretty lucky in San Francisco. The foreclosed homes are non-existent in 3 of our 10 real estate "districts" and over half are in one district-District 10-the southeast part of the City.

P.S. The other "Top Ten" states were Colorado (1 in 390), Georgia (1 in 391) Michigan, New Jersey, Illinois and Ohio (1 in 417).

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Topic:
ActiveRain Community
Location:
California San Francisco County
Tags:
reos
reo sfrs
san francisco foreclosures
san francisco real estate statistics
california foreclosures

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Rainmaker
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Rebecca White

Real Estate Agent - San Francisco
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Additional Information

Musings and rants and San Francisco real estate stats.