Sacramento area home prices continue to increase

April statsThe number of homes sold in Sacramento County in March dropped to the lowest level for the month in six years, DataQuick reported Wednesday.

The median price for detached resale homes in the county was $245,000 – 19.5 percent higher than March of last year, the San Diego real estate information service said. Yet only 1,456 single-family resale homes closed escrow last month – a nearly 15 percent drop from the same month a year ago, DataQuick said.

A low supply of homes for sale was the main reason, said DataQuick analyst Andrew LePage. Fewer sales to investors, decreased affordability for buyers and credit hurdles were other reasons, “but tight inventory’s at the top of the list,” he said.

There are currently about 1.5 months of inventory in Sacramento County, meaning it would take about that long to sell all the homes on the market, the Sacramento Association of Realtors recently said. Anything less than three months is deemed a sellers’ market.

Sales volume also fell significantly in El Dorado, Placer and Yolo counties last month compared with March 2013, DataQuick reported

Read more here: http://www.sacbee.com/2014/04/16/6330782/sacramento-county-home-sales-drop.html#storylink=cpy
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New wave of foreclosures hit Sacramento again

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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

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