Sacramento Real Estate Views

Homes for Sale in Sacramento

Homes Available for Sale Continues Decline

The total number of single family homes is down again this month in the Sacramento, Placer and El Dorado county areas.

As of this article, there were 5549 detached single family homes for sale in the 3 county area.

This is down from a high in January of 6538, 1000 fewer homes representing a 15% inventory decrease over the last ten months.

Foreclosures Increase, Banks Holding Back Homes

After many discussions over the last month with industry insiders, it’s clear that no one really knows why the banks are holding back the real estate they’ve taken back from local homeowners.

Some say it’s political pressure.  Others say that now that the markets have stabilized, they will find a way to dispense with these homes over time or through bulk sales of hundreds of homes at once.

There are probably shreds of truth in all of the speculation.

I’ve also heard, as we’ve all heard over the past year, that after January 1st, we’ll see some increase in the total amount of homes for sale as profits and/or loses will have been reported for 2009 and the banks will then begin to dump some if not all of the homes they own locally.

Since this market slide began, I’ve seen too many things that made no sense to me that I find it hard to believe that the banks actually know what they are doing. I get the feeling they are playing it day by day carefully calculating the direction of the wind, so to speak.

Does Anyone Know What’s Going On?

A local investor and I were speaking this morning and he told me that the local VP of Wells Fargo didn’t appear to have a clue as to what his own underwriting standards were.  That shouldn’t surprise anyone!

As with all things real estate, the crystal ball will tell all in time.  As for now, the competition is stiff out there for homes.  With the extension of the first time home buyer tax credit looking imminent, things might slow down for the holidays to pick up with vigor after the first of the year.

Let’s hope we have some homes to sell by then!

Thanks for visiting!

No related posts.

Tags: homes for sale sacramento rocklin roseville

This entry was posted on Monday, November 2nd, 2009 at 3:59 pm and is filed under Real Estate 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.

1. Marie said at November 2nd, 2009 at 4:16 pm

   yes, let’s hope we do get some more inventory to choose from and soon!

2. Jennifer Klein said at November 24th, 2009 at 9:40 am

   I agree. The banks don’t have any rhyme or reason as to the amount of inventory they are holding. I would even venture to say they are overwhelmed with the inventory and do not have a system to support this process of re-issuing the inventory for sale. The process is slow and in the end, it hurts all of us and our attempts to recoup this mark. Home buyers are ready an anxious, I just hope the banks catch up!

3. robsaxe said at November 24th, 2009 at 11:34 am

   Thanks for your comments, Jennifer! I appreciate it!

Leave a Reply