Inventory, Inventory Everywhere
Bubblemeter looks at rising housing inventory from across the country, including Sacramento.
Housing inventory has been steadily increasing across the US. Nationally, the inventory of existing homes for sale has increased by 36.7% year over year from 2,474,000 in April 2005 to 3,383,000 in April 2006 according to data published by the National Association of Realtors...Here's a more direct comparison with the national figure. The Sacramento Bee reported that 4,423 homes were on sale for April 2005. By April 2006, there were 11,344. That's an increase of 156%.
In Sacramento Metro area, housing inventory started off at 9,513 on January 2nd 2006 and has risen by a full 52% and was 14,478 as of May 20th (Zip Realty, Bubble Markets Inventory Tracking).
- National: 37%
- Sacramento Metro: 156%
5 comments:
i'll bet they are selling a lot more helium ballons this year in sacto!
http://www.foreclosure.com/search.html?st=CA&cno=067&z=95758&tab=a
Get a load of all the preforeclosures at
www.Foreclosure.Com
In Elk Grove there are 466 homeowners that are behind on their loans and classified as a
"Preforeclosure"
http://www.foreclosure.com/search.html?ci=Elk%20Grove&st=CA&cno=067&z=&tab=p
happy renter,a lot of these are on the market,the majority at too high a price due to being upside down,a smart banker with exposure in this market would be staffing up with good collections people,encouraging quick short sales (no need to mention the 1099 for forgiven debt at this point,the borrowers will need something to look forward to!)and cutting their losses as quickly as possible,any way they legally can.(psst,hey mister,wanna buy a trust deed?)
thanks for the mnetion.
David
Bubble Meter Blog
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