Pacifica Riptide: June 2009

June 30, 2009

Foreclosure Watch: How Many Houses for Sale?

BY LIONEL EMDE
RIPTIDE CORRESPONDENT

In the Pacifica Tribune (6-24-09) a local real estate agent ran a full-page ad in which one column was headed "Real Estate and Loan News." She asserts, among other things, that: "Inventory is Low ... Currently there are 47 single family homes for sale in Pacifica down from over 100 this time last year. ... Today there are only 4 bank owned properties on the market." But according to RealtyTrac, a Southern California company that tracks foreclosures, there were 60 bank-owned properties (REO) as of June 21, 2009, in Pacifica’s 94044 zip code. Since then, the number has declined to 56, indicating a huge "shadow inventory" of REOs in Pacifica if banks are not putting them on the market.

How Big Is the Problem?

The chart below is a record of Pre-Foreclosure Notices over the past two years published in the Pacifica Tribune. The data are for the northern San Mateo County cities of Pacifica, San Bruno, Daly City, South San Francisco, and Brisbane. The data are incomplete because these notices may be published in other newspapers of record such as the San Mateo County Times.

(click chart to enlarge)

Estimates are that between 40 percent and 80 percent of these houses in pre-foreclosure progress to the auction stage of the foreclosure process in San Mateo County. RealtyTrac’s data provide a more complete picture of the problem of homeowners in trouble. Pacifica has seen a large increase in pre-foreclosure notices and foreclosure auctions since the last quarter of 2008. The figures are from the latter part of each month cited:

Pre-Foreclosure Auction

Oct. 08             81                     15
Nov. 08            62                     21
Dec. 08            59                      24
Jan. 09             63                      22
Feb. 09             67                      17
Mar, 09             91                      22
Apr. 09            106                    34
May 09            108                    52
Jun. 09             125                    57

The problem is that unsold inventory appears to be rising rather than falling. An increase in the foreclosure rate could indicate further downward pressure on house prices.

Posted on June 30, 2009 at 07:15 PM in FORECLOSURE WATCH | Permalink | Comments (23) | TrackBack (0)

Volcanic Sunsets: Purple Haze

VOLCANIC SUNSETS: The Russian volcano that erupted directly beneath the International Space Station on June 12 is now causing beautiful lavender sunsets across parts of the northern USA and Europe. A plume of ash and sulfur dioxide from the Sarychev Peak eruption is circulating through the stratosphere, and when parts of the plume pass over an area at sunset, the sky fills with delicate white ripples, sometimes-colorful streamers, and a telltale hue of purple. Check today's edition for observing tips and a photo gallery. SPACE WEATHER

Posted on June 30, 2009 at 03:50 PM in HEALTH & SCIENCE | Permalink | Comments (0) | TrackBack (0)

Franken Wins Court Battle, Coleman Concedes

Norm Coleman is giving a live press conference, where he's just conceded the race and congratulated Al Franken on winning. Franken will probably be sworn in as Minnesota's new senator next week! This gives Democrats effective control of 60 seats for the first time in a generation.

Posted on June 30, 2009 at 01:31 PM in NEWS | Permalink | Comments (1) | TrackBack (0)