Today is another day of stellar reporting on the state of the San Francisco market in one of our largest publications. We’re not trying to brush the whole “subprime debacle” under the rug, or hide the fact that foreclosures are definitely on the rise, or that sometimes real estate can go south, but we’d like to point out something about this article that ran today in the San Francisco Chronicle as well as SFGate. The focus of the article can pretty much be summed up in the opening paragraph:
The number of Bay Area homes lost to foreclosure during the second quarter hit the highest level in almost two decades, and the region’s homeowners also received a record-high number of mortgage default notices
Here’s the interesting part…at least to us. Both publications come out of San Francisco, but there is only one tiny little sentence that applies to us, and our market:
Underscoring that thesis, three affluent Bay Area counties stood out as having the least likelihood of default notices: Marin, San Francisco and San Mateo counties.
We’re just putting this out there as something to pay attention to, and to make it clear that we aren’t the ones pumping the market. If you actually read the “guts” and “fine print” of a lot of these “bay area housing reports”, you’ll find that San Francisco is still doing pretty damn good.
–Foreclosures go through the roof [San Francisco Chronicle]