The experts at RealtyTrac told 7 On Your Side that home prices have increased 28 percent in the Bay Area from the time the housing market hit bottom in February 2012. In San Francisco, the prices have risen even more dramatically.

Brian Miller saw first hand how frantic the housing market in San Francisco can be right now.

“I found myself being constantly outbid, putting in offers of 20 percent over asking, getting outbid at 50 percent over asking in cash,” Miller said.

That type of activity didn’t surprise Serena Kokjer Greening of Guarantee Mortgage. She says the small number of homes for sale combined with the improved employment picture is leading to bidding wars.

“You’ll see properties getting six, eight, even 20 offers which, you know, hadn’t happened in four to five years here,” Kokjer Greening said.

All those offers mean rising prices taking us closer to the bubble, the point when homes are considered overpriced.

The Vice President of RealtyTrac Daren Blomquist says we’re still 21 percentage points below the peak of the housing bubble in the Bay Area.

“But then if you focus in on the city, that’s where we’re very close actually to the peak of the housing bubble in San Francisco,” he said.

Blomquist says San Francisco is just 6 percentage points from reaching that bubble stage.

“I think it’s pretty dangerous,” he said.

“Today I received probably my eighth denial of a modification,” San Francisco resident Gale Rosboro said.

Rosboro wrote President Barack Obama and the White House forwarded her case to the Treasury Department to assist her in getting a modification from Wells Fargo. So far, even that hasn’t helped.

“They’ve made no move towards working with me to get a modification,” Rosboro said.

In an email, Wells Fargo told 7 On Your Side, “We have worked with Ms. Rosboro for nearly three years and will continue to try to identify options that are appropriate for her individual financial circumstances. Our foreclosure rate is less than 1 percent.”

Ironically, rising home values could make it even more difficult for struggling homeowners to get modifications.

“I think that people are barely hanging on. There have been a lot of cuts and its been very difficult for families,” Alliance of Californians for Community Empowerment spokesperson Grace Martinez said.

Blomquist predicts another round of foreclosures in San Francisco in the coming months.

“Four of the last five months in San Francisco foreclosure starts have increased from the previous month,” he said.

Blomquist advises home buyers to be patient and not feel you have to buy right now.

Miller waited and found something he could afford. “It feels great, I mean I’m very excited, he said.

RealtyTrac says the next wave of foreclosures in San Francisco won’t be an overwhelming flood, but it does expect an uptick.

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Alan David Tikal, a man on trial in the 29-count criminal indictment in Alameda County for real estate fraud, mortgage security fraud, and filing false documents. Tikal appeared in an Alameda County court room Thursday, but it’s what’s he did outside the court that has many people talking.

Tikal is being held at Santa Rita Jail in Dublin on $780,000 bail. He filed for Chapter 11 bankruptcy earlier this week for the business he runs, KATN Trust.

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Prosecutors allege Tikal did business as KATN Trust when he collected upfront fees on the false promise of refinancing home mortgages at a 75 percent savings. ABC 7 legal analyst Dean Johnson says the filing could be bad news for anyone who feels victimized by Tikal and wants to get their money back.

“Civil litigation against a debtor in bankruptcy grinds to a halt. People who have sued the debtor cannot proceed with their suits and people who haven’t filed suits aren’t allowed to file suits,” said Johnson.

That’s bad news for people like Willy Ruiz of San Francisco who gave KATN Trust $1,500 in hopes of saving his San Francisco home from foreclosure.

“Probably he knew what he was going to do and that’s the reason he took this money from a lot of people,” said Ruiz.

Documents obtained by 7 On Your Side indicate KATN did business in at least seven states from California to Florida. Johnson says it’s possible if Alameda County successfully prosecutes Tikal, it could win restitution even for victims outside the county.

“The judge’s discretion is very broad as to the amount of restitution and it’s often up to the prosecutor to bring to the judge’s attention victims who may be out of county or possibly even out of state,” said Johnson.

That would suit Ruiz just fine.

“I’m hoping that I still can get my money back and that’s all that I’m concerned about,” said Ruiz.

7 On Your Side contacted Chase Bank about Ruiz’s situation. This week he learned the bank had indefinitely delayed the foreclosure on his San Francisco home while it attempts to work out a loan modification. We like to thank Chase for that and I’ll let you know how things work out.

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