The foreclosure crisis is costing San Francisco almost $7 billion, according to a new report released today in Bayview by our statewide coalition of homeowners, community leaders and students. Despite efforts to push for solutions through the AG Settlement and State Legislation, Wall Street Bank opposition increases and foreclosures are getting worse. According to RealtyTrac, Bank repossession in San Francisco have increased 39% since June compared to 33% in Vallejo, 17% in Contra Costa and 15% in Alameda.
This is the first report to bring to light the full impact of the costs to Wall Street foreclosures in the city of San Francisco, with detailed numbers for individual neighborhoods including Bayview, which has disproportionately suffered from the foreclosure crisis.
Read more at Beyond Chron.
If you're having trouble paying your mortgage or are a "distressed homeowner", please attend the upcoming forum this Sunday, details here.
From the Alliance of Californians for Community Empowerment (ACCE) and the California Reinvestment Coalition (CRC) report, as a consequence of D10 having the highest rate of home ownership in the city, Zip Codes 94107, 94124, and 94134 have borne over 27% of the costs of the foreclosure crisis in San Francisco:
ZIP # Foreclosures Total Home Value Loss Property Tax Loss Local Govt Cost
94107 895 $498M $3M $5.4M
94124 1465 $815M $5M $9.6M
94134 1022 $569M $3.5M $6.6M
D10 3382 $1.88B $11.5M $21.6M
SF 12410 $6.91B $42.1M $73.4M
