Odds & Ends
- DataQuick has released June median price figures for California. Here's how the Sacramento region fared on a year-to-year basis:
El Dorado: -0.10%
Sacramento: -1.33%
Placer: -7.22%
Yolo: 3.70%
- The Sacramento Business Journal looks at Trendgraphix figures for June & the first half of 2006.
- NPR interviews the author of Fortune Magazine's Housing Dead Zones article. Sacramento mentioned. Worth the listen.
- The Sacramento Bee reports that area rents still haven't budged much over the last quarter.
- KCRA has an update on the Folsom repartments story. Now toxic mold?
2 comments:
nice to know i'm not the only one who listens to Ed Gordon's show.
The future Wikipedia entry:
Sacramento Landing
The term Sacramento Landing (alternatively Sacramento Crash Landing) is used metaphorically to refer to the collapse in real estate prices following a period of significant price increases. The term was originally used to describe the precipitous drop in demand for real estate in the spring and summer of 2006 in Sacramento California, but is now widely used to refer to the economic collapse and recession that began in 2006 and from which many countries have yet to recover.
History
Causes
Consequences
See also
Further reading
External links
History
Following several years of dramatic price increases in the real estate market in many western countries, prices began a rapid decline in the summer of 2006. One area that experienced a particularly dramatic drop early in the process was Sacramento California. As in many cities in the developed world, Sacramento, long considered a bell weather city for housing demand on the west coast of the United States, experienced a significant demand for housing in the years 5 year period before the crash. Contemporary commentators recognized that prices had climbed to a level that no longer reflected the relative value of the property and that a correction was inevitable. Few, however, predicted the magnitude of the collapse or its repercussions.
Although Sacramento has been singled out as emblematic of the real-estate collapse and consequent recession, the fall in demand and prices had already begun in many Australian cities, parts of the U.K. including London, and areas of the east coast of the United States, notably Boston and Florida. Following the price collapse in Sacramento, however, the dramatic free fall in real estate prices was experienced in virtually all American cities, Canada, the U.K. and Australia.
Causes of the Sacramento Landing:
The mechanisms which created the real estate collapse and recession were easily identified by economists and commentators long before the event took place. Following the burst of the dot-com bubble in 2001…
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