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49,256 Foreclosures in SF Bay Area
Patrick,
Even I’m stunned.
According to the realtytrac website, There are about 50,000 properties either bank owned or to be auctioned soon in the San Francisco Bay Area.
Back in the summer of 2008 there was about 10,000 properties. That means since then, there has been a 5x increase in foreclosures.
I can’t be certain, but this MIGHT be my much waited for event of BA locals who “invest” in their neighborhoods, and are now defaulting.
A large percentage of locals here own multiple properties. Part of the reason prices are so high here.
Once these real estate “geniuses” start to get foreclosed upon, we will see a tsunami of foreclosures. That tsunami is building now I think…
Larry