With the economy booming, foreclosures are still bouncing around near their 10 year lows.
In 2017, there were 875 Notices of Default or Trustee Sale, which means there were a fair number of homeowners who were perilously close to facing foreclosure.
In fact, five properties had a Notice of Default or a Notice of Trustee Sale recorded against them more than 10 times last year. With 750 Sutter St having 18 recordings throughout the year.
You’re probably wondering how that’s possible, but in San Francisco, you can have multiple addresses attached to a block lot number, meaning that one parcel with multiple addresses could have a Notice of Default recorded against each individual address.
The breakdown by property type was led by Single Family Residential properties followed by Multi-Family residential and then a mish mash of other types rounding out the group.
Year over year comparison
In 2018, there have been 229 recordings of financial distress. With 73 Hill Street as the leader with ten recordings year to date.
The breakdown by property type is tracking pretty close to 2017 with Single Family and then Multi-Family as the most frequently defaulted property types.
At this point last year, there had been 225 Notices of Default or Trustee Sale recorded. The property with the most recorded documents was a hotel at 2417 Mission with 5 times.
Remember, these events often lag financial distress. It takes 90 days after your last mortgage payment for a lender to issue a Notice of Default and 180 days to record a Notice of Trustee Sale, so even if the economy fell off a cliff tomorrow, it wouldn’t to show in the data for at least 3-6 months.
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