San Mateo Foreclosures Quadruple in One Year
According to this article in the Contra Costa times, foreclosure activity is slowing in the Bay Area. However, San Mateo seems to be the exception. Here are a few quotes from the article:
“Foreclosures decreased by 9 percent in the Bay Area, by 5 percent in California and 3 percent nationwide. In contrast, foreclosures in San Mateo County rose 19 percent during the month.“
“For example, Alameda County and the Bay Area reported twice as many foreclosures in June 2008 compared with June 2007. Contra Costa County had 50 percent more foreclosures on a year-to-year basis. The nationwide foreclosures were running 53 percent higher than the prior year. San Mateo County foreclosures totaled about 600 — nearly quadruple the levels of the year before and the biggest annual percent increase in foreclosures in the Bay Area.“
The number of foreclosures is inline with what I have seen. If you look at the summary of my June report you will see 701 troubled properties.
I think this shows that the last standing bastions in the housing bubble is starting to crumble. Perhaps one day San Mateo will be affordable again?
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