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Sacramento, CA – 
The Sacramento Bee recently wrote an article about how many Sacramento homeowners are walking away from their houses and mortgages.
The map to the right by Nathaniel Levine at the Sacramento bee, is a compilation from dataquick of each area in Sacramento County with falling negative equity in homes.
Sacramento County as a whole has fallen by 36.1%, Placer County by 15.9%, Yolo County by 12.5% and El Dorado County by 10.6%.
There are refinance programs available for those homeowners who are current with their payments but have been unable to refinance due to the loss of value in their home. You need to know if your loan is a Freddie Mac or Fannie Mae.
The ultimate question is if your loan is financed through Freddie Mac or Fannie Mae and to find out, you can either call the servicer you pay or you can contact Freddie and Fannie directly and ask.
- Freddie Mac contact form or call 1–800–Freddie (8 am-8pm EST)
- Fannie Mae contact form or call 1–800–7Fannie (8 am-8pm EST)
You may be able to qualify for a refinance, so check to see if your loan is with either of these two institutions.
Since 75% of the home sales in Sacramento are foreclosures and short sales, as a Sacramento home buyer you will find some exceptional deals in this real estate market.
Click to see all foreclosed homes for sale in Sacramento.
Click to see all foreclosed homes for sale in Roseville
Click to see all foreclosed homes for sale in Granite Bay
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The chart is just horrifying. Even the green areas don’t necessarily portend good news.
When one begins to consider how far the loss of value here in homes coupled with the use of home equity for non-house related items, you begin to see the magnitude of the problem we face.
From what I understand, the new housing package enacted includes provisions to allow existing homeowners to finance 105% of their homes in order to get in at a lower interest rate regardless of their status (i.e. non-distressed). I believe this is a huge step in the right direction as we need to enable homeowners to refi at much lower rates so that in 10 years, these homeowners have much more equity in their homes and much less principle to pay down.
Thanks for sharing the graph and the great post.
David Lorti
Yes, let’s hope it helps. I think it should.