Does San Francisco have a foreclosure problem?
July 14, 2009There it is… the big bad F-word. We ran across an article today that talked a bit about San Francisco’s ranking in the foreclosure pecking order, and we have to say, we’re not all that surprised. We rarely hear about foreclosure sales in the City and when we do, they’re oftentimes south of I-280 or near Stonestown Galleria. A few have reared their ugly heads South of Market and in South Beach, but overall, the City has largely dodged bullets with respect to foreclosures.
San Francisco County as a whole registered the lowest foreclosure sale rate of any county in California during June, logging just 70 foreclosure sales. That’s one per 11,779 residents. Marin and San Mateo Counties also made appearances in the top five for least number of foreclosure sales in June. The worst county in the Bay Area for foreclosures was Contra Costa County (one per 1,127 residents), and Merced County the worst in the state (with one per 605 residents).
So to answer the question, “Does San Francisco have a foreclosure problem”… we’d have to say that relatively speaking, NO, it does not.
Full article HERE, and thanks to J.K. Dineen and the SF Business Times for the stats.
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We know of several folks that bought in the last few years struggling here in town who are starting to realize there is more negative equity in there home/condo than previously believed. But they all have sound jobs and good incomes and can pay their mortgages so I think the stability of the populous here is preventing a lot of problems. I’m not sure exactly what will happen when these folks decide to move, however, as it’s not clear the market has yet to stabilize, or that it will be recovering lost ground in the next few years. It just reinforces the fact for me that you really shouldn’t be buying unless you can plan to live there at least 5 years, or longer.