Sacramento Housing Market - SAR Report, April 2007
Sacramento housing market statistics from the Sacramento Association of Realtors (SAR):
- Sales (yoy): -27.7%
- Median price (yoy): -2.7%
- Median price (peak): -6.3%
April marked the 23rd month in which sales failed to keep pace with prior year levels. Sales have suffered double-digit annual declines for the past 20 months.
Just how far have sales slid since the housing boom? April 2007 sales are down 55% from April 2005, down 58% from April 2004, and down 63% from the boom-time sales peak in June 2004.
The graph below shows home sales from 2001 to the present. (Click to enlarge)
So far, the month-to-month sales pattern appears to be mirroring 2006, with sales peaking in March.
2 comments:
IndyMac Bancorp,statement from CEO Michael Perry:
On subprime loans, one of the things that I think people aren’t aware of is that the Mortgage Bankers Association basically classifies the lender as a prime lender or a subprime lender. So for example, they classify IndyMac and Countrywide as prime lenders, and they classify New Century or whoever as a subprime lender. And all of their servicing portfolio is considered prime or subprime for the MBA. Ok? And so when you see that delinquency number in the press of 13% subprime delinquencies, it’s hugely understated. It is absolutely hugely understated. And the prime delinquencies are overstated.The subprime delinquencies are more like 18, 20, 22% delinquencies and that’s where I think you’re going to see the problems."
Jay Brinkmann, vice president of research and economics:
"Mr. Perry is correct that we have to differentiate by the type of servicer rather than the type of loan. This may not be a major issue because our latest subprime numbers are 14.4% delinquent by at least one payment, plus another 4.5% in foreclosure, for a total of 18.9% either delinquent or in foreclosure. For just subprime ARMs that number is 21.1%, so we agree with Mr. Perry's estimates of the current state of the market."
Sacramento will be worse than this.
Like anybody is going to believe the bogus numbers SAR puts out. They're as good at hiding the truth as the CPI, PPI, and jobs data we get each month.
Perfect Storm...Good find regarding the article posted. Once again the truth evades the problem and nobody really wants to know the bottomline. Kind of like the lines by Jack Nicholson in "A Few Good Men", "You want the truth?", "You can't handle the truth!!!"
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