Sacramento Real Estate Views

“We Don’t Need No Stinkin’..HOUSES!”

Available Homes For Sale Continues Decline

The inventory of homes for sales is, yet again, lower than it was last month bringing the amount of single family, detached homes down to it’s lowest level of the year at 5500 homes in active and active short sale status.

“Active” listings for sale is defined as bank owned or regular real estate sales between a willing buyer and seller.  An “active short sale” listing is defined as a home selling for less than what is owed on the mortgage.

Properties in “active short sale cont.” status while appearing available, technically, aren’t as the listing agents rarely submit more than one offer representing the highest and best offer to the bank.  As such, they aren’t included as available.

As screwed up as the banks are, this is a good policy!

Rumors Abound

While it’s clear at this point that there will more than likely be no dramatic increases in the amount of homes for sale, I’ve been talking to several prominent resources about increases in the amount of homes for sale and across the board I’m hearing that there will be increases in the available homes for sale after the first of the year.

I know, I know…we’ve been hearing this for a year and a half now but I think it’s getting to where the banks must do something and I believe we will see modest increases over the next couple of years if not over the next few years.

Besides this, it’s time for another market shift and I think we will see that in early 2010..don’t ask me why, it’s just a feeling.  After being in this business for a while, you begin to get a sense that change is in the air but can’t put your finger on it.

One thing is for sure, the foreclosure crisis isn’t going away anytime soon. While notices of defaults have declined slightly, people are still losing their homes, or walking away, and we will see this trend continue for at least the next 2 years.

Wishing you abundance and joy..

Thanks for visiting!

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Tags: homes for sale sacramento

This entry was posted on Sunday, December 6th, 2009 at 8:06 am 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.

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