San Francisco Foreclosed Homes for Sale Fell, but Will Rise

San Francisco foreclosed homes for sale dropped in number in the July to September quarter, but the number is expected to rise because of the sharp increase in defaults during the quarter, according to two foreclosure tracking companies.

Default notices in the San Francisco Bay Area increased by more than 25 percent compared to the same three-month period last year, with a staggering 72-percent increase in the city of San Francisco. The city posted 607 notices of default, marking an increase of over 3 percent from the April to June postings of 353 units.

Actual foreclosures in the Bay Area dropped from 12,093 units to 7,462 units compared to the third quarter last year, with foreclosures in Contra Costa dropping by nearly 44 percent to 2,053 units; Alameda by over 30 percent to 1,760 units; and Santa Clara by nearly 43 percent to 1,237.

By Cassiano Travareli