Saturday, September 08, 2007

Sacramento Foreclosure Statistics - August 2007

Foreclosures.com has posted their August statistics.

Sacramento County, year-over-year change:

  • Pre-foreclosures: 39%
  • Real Estate Owned (REOs): 631%

5 comments:

Sippn said...

Looks like Realty Trac grabbed the headlines instead of Foreclosures.com. Realty Tracs numbers are 4x bigger.

Who's correct?

Does it matter - well yes. Realty Trac is showing the number of homes in foreclosure almost as large as the current listing inventory.

Sittin' Out This One said...

Sippn, This from Ben's blog at

http://thehousingbubbleblog.com/?p=3391

“Mackenzie also believes that the number of short sales is far greater than indicated in the MLS. Many sellers are afraid that disclosure would scare off potential buyers since short sales are more complicated and take far longer than normal sales.”

“‘I would take the rate of disclosures that you see and (multiply) it by five,’ he said.”

Perhaps the MLS is not as realiable as we hoped.....

mopar777 said...

The auctions coming up this fall & winter are going to be great entertainment! Look for me outside with the red popcorn cart. Mention this blog and you get a free bag.

Once the insurance companies, pension funds and other investors start screaming REAL LOUD for their money back these phoney reserve auctions will turn into absolute auctions and the downward plunge will accelerate.
Once news of what is happening at the auctions gets out, my prediction is that the # of listings will actually drop since many homes on the market now are owned by greedbag sellers still hoping to get their retirement funded some fool who just inherited a pile of money and needs to buy RIGHT NOW.

One thing I'm afraid of is that these "nightmare comps" (from the auctions) will be skillfully covered up or not mentioned at all by the RE industry - even on sites such as Zillow, Metro MLS and Yahoo real estate.

Gwynster said...

"Perhaps the MLS is not as realiable as we hoped..... "

Ok that is damn funny >; )

As I said previously, I know of at least 3 that are foreclosures now and a few more that are now REO and the MLS listing says nada about it.

921 Bienville
3030 Woods
2075 Portage Bay

Sippn said...

Nothing to do with MLS. I believe they're both getting data from the same sources, just counting differenty. Tend to believe Foreclosures.com as she has real experience.

There was some talk here awhile ago regarding RT counting every NOD filed on every loan on every house - could be dozens.

BTW - just reading LA off 50% in sales volume from Aug 2006 (likely through CA)