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Foreclosure filings drop 42% in SJ in February

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POSTED March 12, 2010 2:40 a.m.
Foreclosure filings have dropped 42 percent in San Joaquin in February compared to the same month in 2009.

It’s the biggest Bay Area decline of homes going into foreclosure based on data gleaned by Realty Trac.

Of the South County cities, Lathrop was the worst hit in February with 84 homes or one in every 45 receiving a foreclosure notice. Ripon fared best with 32 foreclosure filings or one in every 162 housing units.

Manteca had 202 foreclosure filings in February or one in every 115 homes. That includes 109 homes north of the Union Pacific tracks and 93 homes south of the tracks.

Tracy had 382 foreclosure filings last month or one in every 67 homes.

Stockton had 1,027 foreclosure filings or one in every 121 homes while Modesto had 833 or one in every 116 housing units. Salida was particularly hard hit with 76 foreclosures or one in every 56 homes.

Not all filings ultimately end up in foreclosure. Some homes are sold as short sales while a few have loan modifications.

Standing inventory of unsold existing homes within Manteca’s city limits dropped from 376 in February 2009 to 184 last month. Manteca’s unsold inventory hit a record high 651 homes in September 2007. It reflected a 21.7-month inventory based on the sales pace at the time.

The least expensive bank foreclosure available in Manteca as of Wednesday was a three bedroom, two bathroom home at 405 S. Willow Ave. listed for $84,900. The most expensive was a six bedroom, four bathroom home with 4,374 square feet at 1087 Athens Street that was listed for $379,800.

The foreclosure listing closest to the Manteca median price of $171,800 is a three bedroom, two bathroom home with 1,661 square feet at 518 Santa Rosa Court listed for $174,900.

Houses are staying on the market in Manteca an average of 19 days before they go pending with an accepted offer.
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