Let the good times roll. As the market continues to regain its strength, I’m happy to report that foreclosures – while not yet a thing of the past – are far down in our fair city. SocketSite reports that last year was a high in terms of foreclosures, with more than 500 in San Francisco being taken back by the bank. That was up 27 percent from the previous year – but now in 2013, the city’s pre-foreclosure pipeline has seen a major decline.
SocketSite says that dating back to the beginning of 2013, San Francisco has seen a drop of 40 percent in pre-foreclosure activity. That’s a decline from 286 properties at the end of December to 172 at present day.
Year over year, pre-foreclosure is down 59 percent. What’s more, we’ve seen a 28 percent drop in the number of properties scheduled for auction in San Francisco. That’s a decline of 332 down to 240 since the end of last year.
In 2012, slightly less than 70 percent of foreclosure auctions were cancelled. That was down from the previous year and in opposition to a 66 percent rate in 2010.
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