Lower foreclosure activity reported in Bay Area during the first quarter 2010

The foreclosure report pertaining to the 9 County Bay Area during the quarter ending March 2010 shows that fewer home owners suffered official foreclosures, compared to the previous quarter and a year ago.

The foreclosure trouble is continuing at the more or less same levels in lower and moderate priced neighborhood properties, but there is apparent increase in some of the affluent locations in the Bay Area. However the default notices served on delinquent borrowers are on a decline overall in the California State and Bay Area in particular.

During the quarter ended March, 81,504 notices of default got served in California State – less by 3,514 compared to quarter ended December 2009. Default Notices issued for delinquents in Bay Area numbered at 13,517 – a decrease of 30.5 percent when compared to first quarter of 2009 – when California State had a record level of default notices.

This trend is explained by experts as sign of the worst being over in the low priced neighborhoods and the problem is spreading to expensive neighborhoods. Another reason attributed is that lenders learnt from their past experience and have come forward to accommodate loan modifications and short sale options.

Another notable development is bank repossessions have also come down during the quarter in question. The bank repossession figure for California is less by 8,213 properties denoting a 16 percent decline from the previous quarter. As for Bay Area the repossession properties numbered 6,417 – about 1,000 properties down from the previous quarter.

Posted by Eureka Expert on Apr 23 2010. Filed under Foreclosures, Housing, Short Sales. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry