Inquiring minds are looking upon Marin and their foreclosure market. Simply put, it’s bad and getting worse.
However, it is also a snapshot of what is coming. Notice towards the end of the following quote the data shows that foreclosures were concentrated in mostly the lower priced homes in Marin County but are moving flat to slightly the higher end:
Through the first week of December this year, the county recorded 403 foreclosures, an increase of 15 percent from 351 in the same period of 2009.
“I don’t see the light at the end of the tunnel,” said George DeSalvo, a broker with Frank Howard Allen Realtors who specializes in bank-owned properties. “I think there are more foreclosures coming.”
Foreclosures to date have been concentrated in Marin’s relatively low-cost cities of Novato and San Rafael, but it appears they are spreading throughout the county. Through the first week of December, 67 percent of Marin foreclosures were in those two cities, down from 75 percent in the same period of 2009.
The trend can also be seen in the properties’ values. The median foreclosed house this year had an outstanding debt of $489,488, up 17 percent from $420,000 last year. The figures, reported when the bank takes ownership of a property, also include a foreclosure fee.
“This year there have been more in the high end,” DeSalvo said. “I’ve got one in Tiburon that is probably a couple million.”
Please read the entire article. There are some tough stories on differently affected families to give these times a needed face.
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