Sacramento Real Estate Views

Sacramento Homes for Sale Continues Decline

Inventory at Low Levels

With as many homes that have been foreclosed on, you’d think there would be more homes to choose from in the Sacramento real estate market.

Well, this isn’t the case.

The banks have been holding the homes they have foreclosed on from coming on the market, driving the available homes for sale to levels not seen in many years while the sales prices continue to increase for homes in the lower price ranges.

As of this morning, there are only 5610 single family homes for sale in the Sacramento, El Dorado and Placer county region.

That is not a lot of homes to choose from.

Where Has All The Housing Gone?

An article from Bloomberg that cites there are 7 million homes in the “shadow inventory” nationwide.  Could there be 5600 homes in our region in the shadow inventory?  Double the amount currently on the market?

With defaults and delinquencies continuing to get worse, it just doesn’t make sound economic sense to keep these homes off the market much longer.  It seems as if it will ultimately do more harm than good.  That said, I could be totally wrong.

It’s as if it’s about what’s good for the banks and about being able to control the market to get more money for the homes they’ve lost with no regard for the economy as a whole or the long term health of the region.

Prices for these homes has gone up but for how long?

If they hold onto these homes for the long term, selling them over the next few years, then perhaps we will be spared additional value declines in the Sacramento region at least in the lower price ranges.

Can the banks do something that makes sense like this considering the mess they got us into in the first place?

I’ve said it before and I’ll say it again, now I know why people from the depression era hid their money under their mattresses.  From this vantage point, it looks like a safer investment!

Thanks for visiting!

Related posts:

1. QUICK STATS – Sacramento County Homes for Sale
2. First Quarter Home Sales Decline
3. Short Sales Are Becoming Easier!

Tags: homes for sale sacramento

This entry was posted on Monday, October 5th, 2009 at 11:26 am and is filed under Local Real Estate Info, Market Commentary. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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