San Francisco Bay Area Sees Drastic Rise in Foreclosures

October 23rd, 2006

Foreclosures in the San Francisco Bay Area have gone up nearly 90% from September 2005 to 2006. While Marin and Santa Clara counties say the lowest increases in foreclosure, San Francisco has seen an increase of nearly 110% since last year. Much of these foreclosures are due to people investing in urban properties through Adjustable Rate Mortgages. Now that interest rates are rising, homeowners are unable to keep up with bigger payments, and therefore succumb to foreclosure.

There are all kinds of availabilities for foreclosure homes in San Francisco, so now might be an excellent time to get involved with buying foreclosures in the area.

[via CBS 5 San Francisco]