Every so often, we have looked at real estate prices and foreclosures to see when the tide would turn. The foreclosures are not that bad lately, based on recent 94611 zip code filings that have slowed down.
Let’s start by comparing our foreclosures to virtually anywhere else. We’re running about 25% of Oakland’s rate overall, some 0.08% vs. 0.32% during November. For Montclair and Piedmont, our rate translates to around one foreclosure filing for every 1,216 units.
In the past few months, you can see that 94611 foreclosure filings have also dropped. They ran over 40/month during the third quarter, and dropped to 20/month and below more recently. Also notice that foreclosure sales prices are holding steady these days – so the tide seems to be turning.
We also took a look at the mix of distressed properties for sale. While all area properties sold for under $700k last November (citydata.com), the prices for foreclosures are lower and now average $523k (realtytrac.com). What’s evident is a well-distributed mix among lower and higher-priced units.
In a nutshell, the 94611 foreclosure situation seems to be under control. The volume of foreclosures, the prices and trends are all moving in the right direction. It’s true that foreclosures are an epidemic in California and Northern California – but not right here.