September 22, 2007

Foreclosures skyrocket in the other Bay Area

Burbed Reader Brendan submitted this – sadly he was confused:

Bay Area foreclosure activity skyrockets
In the Bay Area, the number of houses scheduled to be sold on the courthouse steps quadrupled compared with a year ago, according to RealtyTrac, an Irvine company that sells foreclosure listings. In the nine-county region, 1,280 households were notified they were going on the block compared with 301 last August. By far the highest incidence of auction notices was in Contra Costa County, with 699 notices.

The number of homeowners behind on their payments hit 5,705 in the Bay Area, almost triple the 2,104 from last August.

The number of properties in the Bay Area that had reverted to the lender after foreclosure skyrocketed to 1,190 in August from 26 last year. Again, Contra Costa was most affected, with 574 bank-owned properties.

You see, that’s the other Bay Area. The Bay Area 2.0 is defined as Cupertino, Palo Alto, Los Altos and Mountain View. Places where they’re not making any more land, and where people become millionaires from stock options on a daily basis.

Nice try with your FUD tactics! Better luck next time!

Comments (5) -- Posted by: burbed @ 5:56 am

5 Responses to “Foreclosures skyrocket in the other Bay Area”

  1. Pianist Says:

    Don’t forget Los Gatos and the bits of San Jose and Sunnyvale adjacent to Cupertino where the kids can get in Cupertino schools.

  2. sonarrat Says:

    Don’t forget Saratoga, which currently has a $1.78 million median list price on the MLS.

  3. waiting_for_the_fall Says:

    SF isn’t included in the Bay Area anymore? I thought it was different there and prices only went up.

  4. Foreclosure » Foreclosures skyrocket in the other Bay Area Says:

    […] Read the rest of this great post here […]

  5. Renter Says:

    Traders of housing future in Chicago Mercantile Exchange are betting that San Francisco housing price will drop 26% by 2011.

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