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3.8 percent of SF foreclosures seriously underwater, says RealtyTrac

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RealtyTrac today released its Year-End 2015 U.S. Home Equity & Underwater Report. The report found that at the end of 2015, seriously underwater properties were down 481,292 from 6.9 million in the third quarter and 616,189 from 7.1 million from a year prior.

In the Bay Area, 3.8 percent of foreclosed homes are seriously underwater, which is about 38,719 in the San Francisco-Oakland-Hayward MSA. RealtyTrac reported 487,984 foreclosures that are equity rich, or 47.6 percent.

In San Francisco County, RealtyTrac reported of the 378,186 properties, about 2.5 percent are seriously underwater.

On a state-wide basis, California had 33.3 percent of homes with equity and 7.8 percent of foreclosures are seriously underwater.