Sacramento Regional Real Estate Trends for June 23, 2007
Man, I'm getting later and later with these things. Just the graphs this week, and I'll field questions in the comments.
Sunday, June 24, 2007
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7 comments :
Max, the graphs say it all: Listings up, prices down. We continue are slow sticky trend down to affordable levels. It will probably take 2-3 years to hit bottom at this rate, then travel along the bottom for another 2-3 years. I hope the economy holds up for the next few years or housing will take and even bigger pounding.
Good stuff and thanks for putting it out there.
Any day I see Yolo county with price per sqft declines is a good day >; )
I'm really glad I didn't buy in the spring... more on the market and it's getting cheaper.
Max - what is the % increase YoY? I assume it is under 5% at this point...
Do you think inventory will pass last year's levels? I think that is actually in doubt at this point. I read permits were down huge - new construction drying up is a good sign. Supply and demand might not be as 'out of whack' as the bubbleheads seem to think.
Remember my "Taco Bell Inventory" example from a few weeks ago - the bubbleheads still seem to think that houses on the market will spoil and sell for nothing....
Go inventory go! Wonder what happens when the banks finally start unleashing some of their REOs.
Realtytrac.com has bank owned properties increasing at 200 to 300 homes a week in the Sacramento area. At this rate the Sacramento area will be at 18,000 bank owned homes by this time next year.
Housing/Mortgage Doom 2007
Were right on track for a 50% decline by 2009.
Perfect Storm,
Wow, I went to RealtyTrac.com and looked at the inventory. That can not be correct. They show 8034 properties in pre-foreclosure, 7,024 REO properties and 2579 properties up for auction.
There are 18,000 homes listed for sale in all of Sacramento County and about 1500/month get sold.
You are right, these numbers are huge, if they hold up under scrutiny. Amazing stuff.
18,000 homes listed, but I think there are several thousands homes for sale that are not listed. I see and hear of plenty of homes with a sign in the yard, but a no show on MLS.
Remember MLS is controlled by the realtors and they know it is used to track inventory growth. I think we are well over 20,000 homes for sale.
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