Foreclosure Statistics for Sacramento in August 2010
One in every 122 Sacramento houses received foreclosure notices in August 2010.
or Sacramento County as a whole, 1 out of every 113 homes received Foreclosure notices in August of 2010. Elk Grove has suffered the worst in terms of foreclosure numbers for Sacramento County.
Nationwide there were .26% foreclosures and Sacramento came in at .88% with California being .52%.
There will be a dramatic difference in foreclosures next month’s statistics since major banks in 23 states have suspended foreclosures where judicial foreclosures take place. Apparently, the banks have not necessarily followed the proper procedure for foreclosures. There has been a forgery and a break in the chain of Title due to MERS. Hmmm not surprising that the biggest banks are in major doo-doo. Not to worry, this should be temporary since MERS is too big to fail and the implications would be too great.
California has non-judicial foreclosures, trustee sales. However, Bank of America has halted foreclosures in California making sure that homeowners have not improperly been foreclosed on. The halt of foreclosures will result in the real estate crisis extending for a longer period of time but hopefully will be done correctly. We may see investors suing trustees & servicers due to robo signing. MERS (an organization that was supposed to keep track of assignments of loans who have been backdating documents) appears to be the “elephant in the room.”
We probably will also see homeowners staying in their homes a little longer before foreclosure proceedings take the house. Investors will be grabbing up the foreclosures on the market while other buyers will more than likely run scared with the media coverage.
Now, let's take a look at each of the cities in Sacramento in terms of foreclosure.
Sacramento County as a whole came out with some pretty staggering number of foreclosure notices. Elk Grove as a city in Sacramento County came in with the highest number of Foreclosure notices, mainly due to the overbuilding in Elk Grove with high prices and poor loans distributed by the builders, in my opinion.
30% of these properties have gone to auction, 23% are bank-owned and 47% are in the Pre-Foreclosure status.
Folsom came in with the highest average sales price of Foreclosures, being $340,703 and Elk Grove coming in second highest at $254,982 on average.
Elk Grove came in at 2.01% compared with Sacramento foreclosures of .88%, quite a significant jump. Which means there are some great home buys in Elk Grove.
In Zip Code 95624 there are 242 new foreclosure notices, 95758, 231 foreclosure notices and 95757, 196 new foreclosure notices.
In terms of the year, Elk Grove had the highest number of foreclosures in March 2010 with over 800 foreclosure notices. The six-month trend is falling with 324 Pre Foreclosure notices, 202 homes going to auction and 143 bank owned homes in August 2010.