Sacramento Real Estate Views

Warren Buffett and Sacramento Real Estate

An article I read today from the New York Times written by Warren Buffett gave wisdom that can be directly related to the mindset needed to be successful in the Sacramento real estate market or any investment scenario.  There is a lot of fear out there right now about not only real estate but the economy, personal finances and shadows moving in the night.

There is fear of fear itself.  If I remember the quote correctly, the only thing to fear is fear itself.

On this point, Mr. Buffet wrote;

“A simple rule dictates my buying: be fearful when others are greedy, and be greedy when others are fearful. And most certainly, fear is now widespread, gripping even seasoned investors.”

Warren Buffet

My guess from this statement is that it’s time to be greedy.

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California Foreclosures Drop 61% in September

According to ForeclosureRadar.com, the filing of notices of default declined 61% from the August level of 42,790 to the September level of 16,352.  This was primarily due to a new state law requiring lenders to notify owners of the filing, their options and waiting 30 days before proceeding.

While this is a nice headline on the surface, it seems that it will only delay the process of foreclosure not eliminate it altogether.

“The drop indicates that the lenders were not ready for the impact,” said Sean O’Toole, founder of ForeclosureRadar.com.

The move by the state was to encourage lenders to modify loans to help make the homes more affordable and thus help people keep their homes.  The only issue then becomes that, according to Sean O’Toole, it might encourage non-defaulting homeowners to default in hopes of getting a principal amount reduction of their mortgage balance and still be able to keep their homes.

The decline of default notices aside, trustee sale notices and the number of properties auctioned off were both down as well and I don’t know how much that has to do with the law passed by the state as these properties have already been through the foreclosure process.

Is the state and national legislation taking the bite out of foreclosures?  Wouldn’t that be a nice turn of events?

Looking for a home in the Sacramento or Placer county areas?  Give me a call, I’d love to help you too.

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