San Mateo County Leads All Bay Area Counties in Increase of Foreclosures

According to Realtytrac, the amount of foreclosures in San Mateo is up 831% since last July.  Out of the nine Bay Area counties, now San Mateo leads in the increase of foreclosures. Marin County is second where the foreclosure numbers are up 603%.  Nationally, San Mateo is #36 with  its foreclosure rate of 1 in 353 housing units. Most of the loans in San Mateo were jumbos considering that the median home price was $800k, so I think it will only get worse as these loans reset within the next 12 months.  However, the foreclosure increase rate will go down since the number of existing foreclosures is much larger than before.

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