Experts say the spike in Bay Area foreclosures doesn’t signal a coming housing crash.
Brace yourself: Home foreclosures are on the rise in the Bay Area after grinding to a halt for most of the pandemic.
“We would need to see an exponential increase before the Bay Area market would start to feel an impact,” said Rick Sharga, executive vice president of market intelligence at ATTOM, noting the region’s foreclosure rate is under the national average. “It’s unlikely we’ll see enough foreclosed homes entering the market to have much of an effect on pricing.”
Pandemic programs are also winding down for renters. Final statewide eviction protections expired at the end of last month, though some Bay Area cities and counties have passed their own eviction moratoriums that remain in effect. Sharga expects foreclosures to continue to increase and return to at least pre-pandemic levels in the Bay Area and across the country by the middle of 2023. But he warned persistent inflation and recent interest rate hikes could trigger an economic downturn hitting middle-income homeowners and causing foreclosures to “return to slightly higher-than-normal levels a little bit more quickly.”
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