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Seems there is a rumor that Real Estate is turning around in Sacramento. I keep hearing that from people I run into and it surprises me. That is not what I am finding. Home sales were down last month for a very good reason.
Most homes for sale are Short Sales and they take feverishly long to close. Foreclosures are down simply because of the bill passed to contact each and every homeowner having trouble paying their mortgage to try and work out a loan modification therefore the banks are not foreclosing on homes a fast as they previously were.
Have defaults on mortgages gone down? No. That’s why I don’t see a turn around in the Sacramento Real Estate trend…we still have a way to go, I’m afraid.
Six states accounted for 62% of the total foreclosure activity in August and yours truly, California ranked as one of the highest according to Realty Trac.
Sacramento Foreclosure Rankings for August – (these are just a few)
- 95823 had 319 foreclosures
- 95828 had 282 foreclosures
- 95757 had 279 foreclosures
- 95758 had 275 foreclosures
- 95624 had 258 foreclosures
- 95835 had 232 foreclosures
- 95648 had 215 foreclosures
- 95630 had 164 foreclosures
- 95820 had 163 foreclosures
- 95833 had 144 foreclosures
- 95747 had 137 foreclosures
- 95678 had 134 foreclosures
- 95608 had 115 foreclosures
- 95765 had 105 foreclosures
- 95677 had 84 foreclosures
- 95661 had 67 foreclosures
- 95746 had 53 foreclosures
Carmichael, CA had 532 foreclosed homes which sold for an average price of $195,081. One in every 514 homes received a foreclosure filing for August 2009. Click to view current Carmichael bank owned foreclosed homes for sale
Elk Grove, CA had 3,742 foreclosed home with the Average Sales price being $228, 616. One in every 254 homes received a foreclosure filing in August 2009. Click to view current Elk Grove bank owned foreclosed homes for sale
Folsom, CA has had 641 foreclosures with an average sales price of $284,546. One in every 250 homes received a foreclosure filing in August 2009. Click to view current Folsom bank owned homes for sale
Sacramento, CA had 13,399 foreclosed homes with $136,849 as the average foreclosure sales price. One in every 131,620 homes received a foreclosure filing in August 2009. Click to see current Sacramento bank owned homes for sale
Roseville, CA 1,769 foreclosed homes which sold at an average of $260,629. One in every 426 homes received a foreclosure filing in August 2009. Click to view current Roseville bank owned homes for sale.
Lincoln, CA has had 1,208 foreclosed homes with an average sale price of $279,779. One in every 35 homes received a foreclosure filing in August 2009. Click to view current Lincoln bank owned homes for sale
Rocklin, CA has had 735 foreclosed homes selling at an average price of $260,478. One in very 214 homes received foreclosure filing in August 2009. Click to view current Rocklin bank owned homes for sale
Are you interested in knowing what States are improving and which States are expected to have further decline in real estate value? Check out 10 Housing Market to Rebound Soon.
The top 10 cities with home prices expected to level off this year and start increasing next year are:
- Baton Rouge, LA
- Buffalo – Niagara Falls, NY
- Dallas – Plano – Irving, TX
- Fort Worth – Arlington, TX
- Houston – Sugar Land – Baytown, TX
- Little Rock – North Little Rock – Conway, ARK
- Omaha – Council Bluffs, NEB, Iowa
- Pittsburgh, PA
- San Antonio, TX
- Syracuse, NY
The largest 10 real estate markets were prices are expected to continue to decline through 2010 are:
- Fresno, CA
- Las Vegas – Paradise, NV
- Miami -Miami Beach – Kendall, FL
- Orlando – Kissimee, FL
- Phoenix – Mesa – Scottsdale, AZ
- Portland – Vancouver – Beaverton, OR, WA
- San Jose – Sunnyvale – Santa Clara, CA
- Stockton, CA
- Tacoma, WA
- Tucson, AZ
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Interesting that you keep hearing the market is turning and not seeing it…it is the same here in Arizona. They say the number of foreclosures are down in 2010, so I guess that’s the good news. Also, if you are a luxury buyer, now is a great time to buy! Is your luxury market getting pounded also?
Sacramento has hit bottom under $500K but the luxury market has a way to go. You are right that this is an EXCELLENT time to purchase for the Luxury Home Buyer!