These numbers include single family residences, condos, townhouses and duets.  The first number represents activity via Foreclosure Radar, a site which tracks the status on properties that are either heading into default, in default, or foreclosed; the second number is the level of inventory on the MLS.  Data is as of June 1, 2009.
                                           FR         MLS
El Sobrante & Pinole        298           68
Richmond                       1320        339
El Cerrito                         33            50
Albany                             26            29
Kensington                      5              11
Berkeley                         103           103
Oakland                        2370          919
Piedmont                        12             59
San Leandro                   601           106
Hayward                        1443          361
San Francisco                1146         1572
TOTAL                       7357       3612

What this is telling me is that there is a lot of inventory that is being held up in the system.  Even cities such as Piedmont and Kensington are experiencing homes in default. 

WIth the new moratorium in place (lenders now must send a notice 30 days in advance of sending out the notice of default) it will take even longer for us to start seeing these REO’s hit the market, if we do at all.  I keep hearing that banks are holding back their inventory until the market moves up, some rumors are even saying banks may hold inventory for 2-3 years.

Until we start seeing more inventory be released we will continue to see multiple offers.  It just makes sense: prices are low, tax credits are being offered, and rates are low…all good reasons for people to buy.