Posts tagged Foreclosure
The Auburn real estate market
Oct 15th
- Image via Wikipedia
The Auburn real estate market, part of the larger Sacramento area housing market, saw a series of problems related to foreclosure in recent months. As more and more distressed Auburn homes for sale and properties are brought to foreclosure auctions, the number of individuals affected – including renters – continues to rise. A September 14, 2010 article from the Sacramento Business Journal written by Michael Shaw noted that “Foreclosures in Sacramento County were sharply higher in August, though they did not top the peak reached in March, housing data company ForeclosureRadar said Tuesday. A total of 997 homes went back to lenders during the month, while another 198 were sold to a third party. The recent high was in March, with 1,035 homes going back to lenders and 277 sold to a third party. Before August, foreclosures had been trending down in the region. The county’s inventory of foreclosed homes that have not been resold reached more than 6,000 homes. In Placer County, 184 homes went back to lenders in August, the same total as July. The county also peaked in March with 215 homes going back to banks at foreclosure sales.”
Thousands of renters in the Auburn housing market have been evicted as a result of impending foreclosures or short sales, according to a September 23, 2010 report from KCRA News. The article noted that “
A San Francisco-based tenants’ rights group held a special meeting for renters facing foreclosure Thursday night at the Sacramento Housing Alliance. Tenants Together said last year more than 200,000 renters were affected by foreclosure. Of those 200,000, Tenants Together said, in Sacramento, the foreclosure crisis forced nearly 14,000 renters out of their homes, in Placer County nearly 2,000 and in San Joaquin County just over 8,000. In fact, it’s not illegal for homeowners to rent out a home even after it goes into default. Tenants Together said that scenario is happening with increasing frequency forcing renters to move. “It’s a huge number. It’s a shocking number,” said Giti Dadlani, an organizer for Tenants Together. Derek Dunbar, a Sacramento resident, had only been renting his home three months before he found out it was in default.”
Sacramento real estate market
Sep 9th
- Image via Wikipedia
The Sacramento real estate market is currently in a steady and prospering state with little but positive change since 2009. Foreclosures and short sales have recently risen to account for 35 to 40 percent of the current housing inventory. Additionally, there are more sellers than buyers on the market at this time, which makes this a great opportunity for getting the best deal possible on a home in Sacramento. The average price on homes for sale in this area is currently around $350,000, with most houses selling in the $350,000 to $400,000 range. This indicates very little change since the previous year; however, with most sellers quickly receiving multiple offers on their homes, selling prices have tended to be roughly between 90 and 95 percent of the asking price. The average time for houses to be on the market in Sacramento has been approximately 30 to 60 days.
Repeat buyers and investors are now dominating the Sacramento real estate market over first time buyers for the first time in nearly three years. This surge of repeat buyers is mainly for use as rentals and is due to the low prices of real estate properties in the area. Furthermore, with a high inventory of houses for sale and very competitive interest rates, there has never been a better time to purchase real estate in and around the Sacramento area, which has always been considered as a housing hotspot. Many of the homes found in this area are extremely unique and have character that cannot be found anywhere else. Especially properties located around Sacramento’s downtown have become quite valuable recently because of the steadily increasing demands for them. Numerous investors as well as large businesses making corporate relocations can account for this high demand of real estate around the downtown area. In addition, the city of Sacramento has made plans to revitalize various regions of the city, including Downtown. Because of this, the property value of different locations can fluctuate significantly in this area, but nevertheless, one can feel very secure about making an investment in this currently expanding district.
Sacramento is presently exhibiting a buyer’s market with all signs pointing towards a growing stability that may even turn into a full recovery. Foreclosures increased just over 20% since the last year, while defaults fell nearly a whopping 40% from 2009. Additionally, real estate vacancy rates are currently down all over Sacramento, even as tight as just 11.7% in the Downtown area. As a result, the Sacramento real estate market is doing well, and as home prices begin to inch up over the coming months this is the perfect time for buying property in Sacramento.
