'Sacramento Foreclosure Statistics' Category
Foreclosure Report – July 2009 – Sacramento County 11th in Foreclosures Statewide
August 13th, 2009 categories: Sacramento Foreclosure Statistics
Foreclosure Statistics Mixed
ForeclosureRadar.com, the only website that tracks every California foreclosure and provides daily auction updates, issued its monthly California Foreclosure Report for July 2009.
This report is very comprehensive with great information looking into the housing downturn here in California. ( If you’d like a copy with more details, contact me. I’ll email it to you.)
I was surfing my ForeclosureRadar.com account yesterday and I was amazed how up to date the information is. I found a property that was listed in the MLS as a short sale that had been sold at auction that day and was recorded as such on the site.
That should not be a surprise for the listing agent. That said, it most likely will be as it was still listed. Crazy!
Report Highlights
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Sacramento Foreclosures
August 10th, 2009 categories: Market Commentary, Sacramento Foreclosure Statistics
The Next Wave
With the “shadow inventory” still out there, lurking, there is a new threat to housing in the Sacramento region as values have declined to pre-2000 levels. In some areas, even lower.
CNN Money came out with a special report that cited evidence that by 2011 when they see the housing market stabilizing that roughly 25 million borrowers nationwide will be underwater on their mortgages.
That number represents nearly half of all homeowners in the United States.
Half of all homeowners will be “underwater” by 2011!
Housing for the middle class for years has been a source of wealth. The prevailing thought was that the first step to wealth was owning your own home. That isn’t the case now.
What this realization is creating nationwide is “strategic default” or in simpler terms, people are walking away from there homes feeling as if it’s impossible for the value to come back to provide them with any possibility of financial recovery.
The article says that 26% of all defaults currently are “strategic” defaults. And the hardest hit areas? It’s not hard to find them. All we have to do is look to our not so distant south.
Modesto and Stockton lead the list here locally and I’m betting Sacramento isn’t that far behind them.
The Question of the Moment
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Sacramento County Foreclosure Report – June 2009
July 17th, 2009 categories: Sacramento Foreclosure Statistics
1.5 Million Foreclosures So Far
I know it’s stating the absolute obvious but 2009 has not been a good year for homeowners. The statistics on foreclosures is staggering. 1 in every 84 homes nationwide is in some stage of the foreclosure process. Since April in our region, properties in some stage of foreclosure increased over 23%, 14% over the previous 6 months and 15% over the same time period last year according to RealtyTrac.com.
My mind has difficulty comprehending this. This seems like an absolute collapse of the housing system in our country.
1 In Every 84 Homes!
In California, it’s especially bad. 1 in every 34 homes received a filing and our state had the fourth highest number of foreclosures nationwide.
With our current unemployment rate at 11.1% projecting to 13% by next year and state layoffs looking like they will increase, our region is in for a rough ride over the next couple of years.
Upside down?
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Foreclosure Activity Decreases 4%
June 19th, 2009 categories: Sacramento Foreclosure Statistics
California Foreclosure Rate Decreases
While the foreclosure rate has dropped in the state as a whole, the foreclosure numbers are still up 23% over May 2008 and California is second only to Nevada in foreclosure filings nationwide. Bright spot? If you want to call it that.
There isn’t a day that goes by where I don’t pinch myself and ask “is this really happening?” There is absolutely no way I would have ever thought it would get this bad on one hand and this good on another.
With every bad there must be a good, right? You’ve got to look hard but it’s out there. For me, even though it’s my business, it’s tough to see.
Values Are Outstanding
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More Foreclosures On The Way
June 12th, 2009 categories: Market Commentary, Sacramento Foreclosure Statistics
No End In Sight
Someday, this is going to end. Someday, we’re going to look back on this and saying, “damn that was tough”!” But for now, we have to adjust, make changes where necessary and above everything else, survive this troubled time. We will, we all will and we’ll be stronger because of it and also, we’ll make much better financial decisions as a result.
I had a conversation with a prominent REO listing agent yesterday who clearly told me, “get out of real estate, go do something else, anything else”. The sky is falling. He may be right. Our financial system is quite a mess and may need a complete overhaul to keep it above water.
Many People In Pain
Going through a foreclosure is possibly one of the toughest things that can happen to someone. It’s not intentional, no one meant to lose their home. It just happens. Divorce, job loss, mortgage reset..there are so many reasons causing this to happen.
Once you’re in foreclosure, the goal is to get out of it and on to a new beginning. Don’t beat yourself up though. I know the CEO of GM isn’t beating himself up for running the company into bankruptcy. He’ll just take his bonus, go to Tahiti, have a few Mai Tai’s and retire wealthy. Something just doesn’t seem right about that but that’s the way it seems to go.
Are You In Foreclosure or Close To It?
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1 Million Foreclosures in ‘09…so far
June 4th, 2009 categories: Market Commentary, Sacramento Foreclosure Statistics
2.4 Million Foreclosure Starts Projected for 2009
I’ve always thought of myself as the “feel good” Realtor. I felt that my primary function was to watch out for the best interest of my clients and represent them as the law states by a code of ethics I’ve agreed to uphold. I still feel that way but I’ve had to make a shift in my perception of this business. I guess that’s the toll the “bad market” has taken.
This is tough, folks. I know I’m stating the obvious but it just doesn’t look like this thing is going to end anytime soon. All the indications point to that this will be “normal” for the next couple of years. While I would prefer that we return to a moderately appreciating market where there are good values and people are prospering, I don’t always get my way. Damn it! 
What Is A “Normal Market”?
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What is the “Shadow Inventory” in Sacramento Real Estate?
June 3rd, 2009 categories: Market Commentary, Sacramento Foreclosure Statistics
Is Our Market Headed for Another CRASH?
It’s been reported time and again that there are large numbers of unsold yet vacant homes in the Sacramento real estate that, due to lender and state moritorium, haven’t come on the market. What will happen to those homes? When will they come on the market?
A short video on my perspective. Enjoy!
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