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April 23, 2008

Most Bay Area Homes Aren't In Foreclosure & the Chronicle Sucks

Foreclosures quadruple in state, Bay Area

It seem the San Francisco Chronicle has buried the lead again.

Seeing that it’s in the paper’s own best interest to sell more papers, and that nothing sells papers faster than big scary headlines, I would like to offer the key missing fact from the story: Foreclosures quadruple in state, Bay Area.

The missing piece is: “On a loan-by-loan basis, mortgages were least likely to go into default in San Francisco, Marin, and San Mateo counties.” - DataQuick

The above quote was taken from the exact same press release the Chronicle was quoting for their story.

But as I have pointed out on this blog before, most folks aren't having their homes
foreclosed.

So let's not get too up in arms about the foreclosure announcement because
the reality is the deadwood needed to be cleared out. The free market demands it, and the free market is getting what it asked for.

I don't know a single agent who, in private conversation, hasn't said at some point that prices couldn't keep going up like this.

And now they're not.

Let's be honest: we all
knew this was coming.

Posted by Jeff Brooks on April 23, 2008 09:57 AM | Permalink

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