Notices of Default Up, Foreclosures Down

Notices of Default rose 80% (135,431) in the first quarter of 2009 as compared to the 4th quarter of 2008 (up 19% over the first quarter of 2008). The dramatic rise is obviously due to the foreclosure process returning to normal after lending institutions had to comply with additional process time legislated in 2008.

The majority of loans currently entering into the foreclosure process originated in July of 2006.

Contra Costa County recorded 5,120 NODs in the first quarter of 2009 – an 8.5% increase over the 4,718 filed in the first quarter of 2008. Trustee deeds recorded in Contra Costa County (an indication the home was foreclosed on) in Q1 2009 were 1,738 a decrease (-22%) over the 2,228 filed in Q1 2008.

Alameda County recorded 4,106 NODs in the first quarter of 2009 – an 20.7% increase over the 3,327 filed in the first quarter of 2008. Trustee deeds recorded in Alameda County in Q1 2009 were 1,215 a decrease (-8%) over the 1,321 filed in Q1 2008.

The median price of a California homemoved up slightly over April a year ago – first upward tick since October of 2007. A sign that prices may be stabilizing in some communities (perhaps Dublin & San Ramon?)

First-time buyers used FHA mortgages, to finance 26 percent of all Bay Area homes purchased April, up from 3.2 percent a year ago. The combination of FHA financing, steep home price declines and low mortgage rates have fueled record or near-record-high sales this spring in many Bay Area communities.

Sales volume in Contra Costa County was up 34% from a year ago while Alameda County home sales were up 17.5% over a year ago.

Contact Craig for more info on local real estate markets and home sales info – 925-984-4910

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