Posts tagged San Francisco

The Auburn real estate market, part of the larger Sacramento area housing market, saw a series of problems related to foreclosure in recent months. As more and more distressed Auburn homes for sale and properties are brought to foreclosure auctions, the number of individuals affected – including renters – continues to rise. A September 14, 2010 article from the Sacramento Business Journal written by Michael Shaw noted that “Foreclosures in Sacramento County were sharply higher in August, though they did not top the peak reached in March, housing data company ForeclosureRadar said Tuesday. A total of 997 homes went back to lenders during the month, while another 198 were sold to a third party. The recent high was in March, with 1,035 homes going back to lenders and 277 sold to a third party. Before August, foreclosures had been trending down in the region. The county’s inventory of foreclosed homes that have not been resold reached more than 6,000 homes. In Placer County, 184 homes went back to lenders in August, the same total as July. The county also peaked in March with 215 homes going back to banks at foreclosure sales.”

Thousands of renters in the Auburn housing market have been evicted as a result of impending foreclosures or short sales, according to a September 23, 2010 report from KCRA News. The article noted that “

A San Francisco-based tenants’ rights group held a special meeting for renters facing foreclosure Thursday night at the Sacramento Housing Alliance. Tenants Together said last year more than 200,000 renters were affected by foreclosure. Of those 200,000, Tenants Together said, in Sacramento, the foreclosure crisis forced nearly 14,000 renters out of their homes, in Placer County nearly 2,000 and in San Joaquin County just over 8,000. In fact, it’s not illegal for homeowners to rent out a home even after it goes into default. Tenants Together said that scenario is happening with increasing frequency forcing renters to move. “It’s a huge number. It’s a shocking number,” said Giti Dadlani, an organizer for Tenants Together. Derek Dunbar, a Sacramento resident, had only been renting his home three months before he found out it was in default.”