Sacramento County Foreclosure Activity Rises Nearly 400% in January
From News 10:
California continues to lead the nation in foreclosure activity with a nearly 300 percent rise last month from January 2006. In Sacramento County, the increase is nearly 400 percent. The report comes from Fair Oaks-based foreclosures.com, which has been tracking the housing market since 1992.Hat tip: SCREBC blog
UPDATE: Max has graphed the data here.
5 comments:
From my monitoring of Sac city foreclosures on realtytrac.com, I've noticed them creeping up again since the beginning of January. There was a particularly significant jump in the number of auctions just in the last week. I don't know if there's a seasonality to this type of data. Seems like folks could be stretched a little tighter just after xmas, or maybe ARMs begin to reset an even number of years (12, 24, or 36 months) after they are initiated.
OK I can't resist this bad joke:
Q. What do you call 1954 forclosed homes in Sacramento?
A. A good start >; )
Such a deal for the banks! Ratios must be running one new mortgage closing for every 1 1/2 - 2 that belly up on your books. I guess we're going to have to add an additional 1900+ homes to the inventory registers this month and we're not even approaching the top of the bell curve on the resets for the year. Would suspect we reach that level sometime mid to late summer. The unload prices ought do wonders for the median price in the county. Auctioneers ought to be one of the best job opportunities in the state for the forseeable future. LA county is pushing 4500 foreclosures to Sac County's 2000. I would bet that LA county has 5 times the housing population which makes the Sac figures even more interesting. Makes a great case for Sac pricing to be overly excessive and primed for a much deeper fall than many might want to agree with. Just in percentages alone the Sac rate is 25% greater than the state averages for the month. Renters will have their way whether they decide to rent or buy and patience will pay big dividends in this market.
""Median home prices fell in 49 percent of the 149 metropolitan areas surveyed in the fourth quarter, compared to the same period a year ago. That was the largest percent of metro areas reporting price declines since the Realtors began tracking price data in 1979.
David Lereah, chief economist for the Realtors, said he believed the data shows that housing, which had enjoyed a five-year boom, was bottoming out in the final three months of last year.
"This information confirms 2006 was the year of contraction and hopefully the fourth quarter was the bottom," Lereah said. "When we get the figures for this spring, I expect to see a discernible improvement in both sales and prices.""
From AP Economics article;
http://news.yahoo.com/s/ap/20070215/ap_on_bi_ge/housing_slump_4
Lehreah has no credibility. He's made these statements on a monthly, quarterly, and semi annual basis and gets crushed every time by the results. His only saving grace is that one of these years he's probably going to be right.
Haha.. yeah, David Lereah
sounds like a broken record.
Was there any mention of
now is a great time to buy or
sell??
I'm happy to be a renter..
untill it really IS a great
time to buy.
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