I spoke with the San Francisco Chronicle’s Robert Selna yesterday about the foreclosure activity I’ve been seeing in the San Francisco market. The upshot of the story: Fewer homeowners in the Bay Area and California are headed down the path toward official foreclosure in the first three months of 2010 compared with the prior quarter and with a year ago.
As I maintained in the article, I’m not seeing a wave of foreclosures on tap in the city that will dramatically affect home prices. Of course, there will be foreclosure and short sales popping up, but compared with the overall number of homes that sell in a given year, the foreclosure numbers are fairly small.