Bay Area foreclosures jump in January


Inquiring minds are watching the foreclosure numbers from San Francisco and Bay Area homeowners who entered the first stage of foreclosure in January spiked by almost 40 percent from a year ago as banks:

January’s jump is not related to the robo-signing scandal that broke in September, which led California lenders to temporarily slow down the number of foreclosed homes being taken back by banks, said Daren Blomquist, director of marketing and communications for RealtyTrac.com.

“It may be that lenders are feeling, at least in California, that they can go ahead and push some of these delinquent properties into the foreclosure process that they have delayed” for reasons such as trying to work out a loan modification with the borrower or being overwhelmed with too many properties, he said.

A total of 2,615 home- owners in Alameda, Contra Costa, Marin, San Mateo and San Francisco counties received a notice of default in January, according to a report released Thursday by RealtyTrac.com. That’s an 8.3 percent increase from December and a 37.8 percent jump from a year ago.

The Bay Area, as well as other tonier parts of California, seem to be coming to the party late but are still coming.

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