bridge1.png

Finding REO foreclosures just got harder in California

by Rob Regan on February 16, 2013

If you’re hoping to score a deal in the housing market by going after foreclosures, that inventory just took a major hit too.  A new law passed last year that went into effect on January 1st puts several new restrictions on lenders, and apparently it has already led to a 39% drop in foreclosure activity in California.

In San Francisco right now there are only 9 single family home REO foreclosure for-sale listings, another 15 in some stage of contract, and in the past 6 months sales have averaged 14 per month…. although 28 of those sales closed in the past month.  Lenders obviously knew this law was coming, so they likely accelerated foreclosures to keep ahead of the law.

With San Francisco Condos 13 closed in the past month vs. an average of 8.8 per month the past 6 months.  There are only 7 for-sale REO condos and 15 in some stage of contract.  So in total, if you’re interest in a San Francisco REO you’ve got all of 16 to choose from right now…. and one you can’t even get into see unless you wait until Wednesday.

If you want to search for San Francisco foreclosures see the tab above “Search All SF Homes” and use the “Find Foreclosures” link which will take you to www.SF-MLS-Search.com

Leave a Comment

Previous post:

Next post: