Continuing a trend that most would like to see end very soon, San Francisco foreclosures were once again on the rise in the first quarter of 2009 according to DataQuick. Looking at notices of default, the first step in the foreclosure process, the number of San Francisco foreclosures rose 35.5% from Q1 of 2008 to Q1 of 2009. If we look at raw numbers, we see an increase from 420 in 2008 to 569 in 2009.

Another way to look at San Francisco foreclosures is if the trustee’s deed has been recorded. This signals that a home was actually lost to foreclosure.  If we analyze DataQuick’s data we find that San Francisco actually had a decrease in the amount of foreclosures by 18.5% on a quarterly year-over-year basis. Again if we look at the raw numbers, San Francisco had 124 homes lost to foreclosure in Q1 of 2008 and only 101 in Q1 of 2009.

Some of this decrease might be attributed to the “Home Affordable Modification “initiative that was introduced back in early March. Under the guidelines of the program, any foreclosure action was to be temporarily suspended during the trial period, or while borrowers were considered for alternative foreclosure prevention options. In the event that the Home Affordable Modification or alternative foreclosure prevention options fail, the foreclosure action was to be resumed.

For more information on San Francisco foreclosures, click here.