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The Foreclosure Market in San Carlos

August 31, 2009

foreclosure
San Carlos has not had many foreclosures since the mortgage meltdown during the summer of 2007.  Currently, San Carlos has 63 homes that fall somewhere along the foreclosure timeline.  Prior to drilling down further into the statistics, it is important to understand how the foreclosure process works. When a homeowner misses their payment banks have the ability to file a paper with the county called a “Notice of Default”…..more commonly referred to as an NOD.  The NOD is provided to the homeowner and the homeowner is advised that unless the loan is brought current, the bank has officially noticed their right to take back the property.  Generally, the homeowner has about four months to bring the mortgage current. If the homeowner is unable to bring the mortgage current, the property will go to auction so that all mortgagors have the chance to be fully paid back.  If the property cannot sell at auction due to the fact that the amount owed to all mortgagors does not meet with current market forces, the property reverts back to the bank. The bank then enlists the help of a realtor and the property goes onto the market as quickly as possible. Understand, that the last thing the bank wants is to hold property.  Generally, foreclosures go on to the market at prices that will be very attractive to buyers in order to cut down on the amount of time that the bank is a property owner.  63 homes may seem like a lot, but when you consider the fact that this number represents far less than 1% of all homes in San Carlos, it does seem nearly as ominous.  Additionally, do not assume that San Carlos is suddenly going to have a rush of foreclosures.  The majority of these properties will be handled in some other manner, such as a short sale, modified mortgage payment plan,  deed in lieu of foreclosure or family assistance.
The foreclosure timeline generally breaks itself down into three stages: (1) Preforeclosure (NOD filed); (2) Property is at Auction; and (3) Bank Owned.  Below are the statistics for San Carlos, and further down you will see the statistics broken down by Area. * Please be advised that if you are facing foreclosure or the threat of foreclosure it is imperative that you contact your bank and obtain immediate legal advice.
San Carlos Foreclosures – All 3 Categories
Condos: 16
Single Family Residences (SFR):  47
Total:  63
San Carlos Foreclosures – All 3 Categories by Area
Beverly Terrace: 16 SFRs, 11 Condos
Cordes:  8 SFRs
White Oaks:  10 SFRs
Howard Park: 2 SFRs, 5 Condos
Alder Manor: 4 SFRs
Clearfield Park: 7 SFRs
To see a color-coded map of all Areas of San Carlos, click here.


San Carlos Foreclosures – Category: Pre-foreclosure
Beverly Terrace:  10 of 27
Cordes:  6 of 8
White Oaks: 6 of 10
Howard Park:  4 of 7
Alder Manor: 1 of 4
Clearfield Park:  1 of 7
San Carlos Foreclosures – Category: Auction
Beverly Terrace:  8 of 27
Cordes:  0 of 8
White Oaks: 2 of 10
Howard Park:  2 of 7
Alder Manor: 1 of 4
Clearfield Park:  4 of 7
San Carlos Foreclosures – Category: Bank Owned

Beverly Terrace:  9 of 27
Cordes:  2 of 8
White Oaks: 2 of 10
Howard Park:  1 of 7
Alder Manor: 2 of 4
Clearfield Park:  2 of 7

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Bob Bredel

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