The Sacramento Beepublished an article September 26, 2011 with the following statistics compiled by RealtyTrac and Foreclosure-Response.org. They placed our region’s shadow inventory at 53,256 homes in the four surrounding areas of Sacramento, Yolo, Placerand El Dorado counties.
They included in this number three categories of distressed properties:
- 12,285 houses already owned by banks but not sold
- 19,367 units whose owners have received an initial foreclosure notice, or notice of default, but have not been foreclosed on
- 21,604 homeowners who are 90 days or more delinquent on their payments but have not received a notice of default
Lenderare starting to pick up the pace on repossessions once again. The figures provided by RealtyTrac show foreclosures in the area soared 76% from July to August, the highest number in 11 months.
Based on this “shadow inventory” it would take a year and a half to sell these distressed homes.
To read the complete article by Rick Daysog of the Sacramento Bee click here