Study Finds Foreclosures Driving Down Oakland Home Values

OAKLAND (CBS SF) – A new report indicates that the total loss in Oakland home values driven by the foreclosure crisis could reach $12 billion by the end of next year.

According to a report by the Alliance of Californians for Community Empowerment and the California Reinvestment Commission, there have been more than a million foreclosures in California since 2008, but Oakland has been hit especially hard.

The data indicates that there will be 28,000 foreclosures in the city by the end of 2012, with most of them being concentrated in just three zip codes.

“In Oakland specifically in the 94621 zip code, the 94603, the 94605, you have about 90 percent of Oakland’s foreclosures concentrated in these areas,” said Robbie Clark of Just Cause.

The blight left behind has become a magnet for crime. That ends up costing the city more in cleanup and security costs.

(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)


Leave a Reply

Fill in your details below or click an icon to log in:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS San Francisco

Get The New CBS SF Bay Area Local App
Got Our Weather App?

Listen Live