Mercury rising? San Francisco foreclosures on the increase?
Browsing TechCrunch today, we came across a site we had visited before, HotPads.com, that provides a fair bit of mashing goodness, and were reminded that we had never posted on the matter. Given all the continued hoopla in the media over the perpetual demise of real estate and the end of the world as we know it, we thought we would point out a few things about this little bubble we call San Francisco. Actually, we’ll leave that to the maps:
Notice that around 1 in 2500 homes in San Francisco are in foreclosure (according to the map). Some areas are more, some less, but you’d have to agree, the sky has not fallen. Also important to note, and TechCrunch missed this, the little home/building icons you see do not represent the actual homes in foreclosure, rather homes for sale or rent. Slightly misleading? Yes. Food for the bubblistas? Definitely. Cause for panic? No.
All in all, the mercury on that map doesn’t appear to be rising to the to the extent you might be reading.
For another data point on foreclosures, check out the list of San Francisco foreclosures provided to sfnewsletter via PropertyShark.com. Yes, the list has grown, but it’s hardly cause for headline reporting.
[Update: “Tyler” points us to what should have been obvious: “If you click the ‘foreclosure’ tab at the top, the houses change to foreclosures.”]