Tuesday, July 17, 2007

74% of all California Foreclosures Were In Sacramento County

According to KFBK (via RealtyTrac) Sacramento County had 3400 foreclosures in June, while the entire state had "about 4600." Of course, KFBK devoted 30 seconds to the story. If they had had a whole minute, they might have had time to wonder why a county with a mere 3.6% share of the population had 74% of the foreclosures. I guess Sacramento really is different. Hat tip: Bubble Sitter

13 comments :

Gwynster said...

Anytime Fox is involved, I just can't believe. Anyone have a better source?

And quit clapping Sippin, I'm not saying your happy-place spin is right. I just want more data (like everyone else I suppose).

As for RealtyTrac having lots of dups - just grab the data, slip it into excel and sort. Easy to locate the address dups. I'd do it but i refuse to get a subscription.

Max said...

In defense of KFBK, the story was done by a local reporter, and the guy from RealtyTrac was interviewed in the story. I just think it's funny that they give the story such a short shrift.

Don't want to upset the sponsors now, do we?

Real said...

I just think it's funny that they give the story such a short shrift.

I am surprised that they gave it as much time as they did considering Realtytrac data is crap. Gwynster, to cancel out the dups, you would need a subscription so you can get the actual adress. Further, their data does not cut and paste easily for excel. I have been seeing a lot of complaints about Realtytrac with a ton of stories from Colorado calling them out on their data integrity. If I go to your favorite place in the world - Davis, CA, I see 18 properties listed, 3 of which are sold and 6 of which have a 'loan balance' of under $150,000. I will admit that I never dug into the data from Realtytrac before and took their numbers as gospel truth until I read on another blog about their crap data and then started doing my own checks (google + realtytrac website) and I think it is pretty obvious that their data sucks. If bloggers actually want to make a difference, you should hound realtytrac to clean up their data as I am sure many of you are forming your opinion based on their numbers which are easily proven to be crap. Take 10 minutes and see for yourself....

Burrito Man said...

Home builder confidence index falls to 24, ouch!

http://tinyurl.com/265vgu

Inventory of new homes for sale at a 16-year high. This doesn't sound like a normalization of the market.

Real said...

Inventory of new homes for sale at a 16-year high. This doesn't sound like a normalization of the market.

You need to look at new home starts and permit - both down ~50% from 2006 I believe. Further, new land options were given up so that will delay the builders ability to build new homes once the inventory issues clears and the resulting houses will have a much higher cost basis. Of course, these issues really don't matter that much for built out areas which have already seen increasing pricing since Q4'06. The desireable areas will continue to appreciate in value and the less desireable areas (Natomas, South Sac, Elk Grove) still have some pain left to sort out.

Mark said...

I would be inclined to look into that story before taking it as gospel... If you visit the blog of www.MarkTalk.com you will find a story about the PAID "News" Interviews on KFBK.

What you probably heard was a 30-second commercial for Realty Trac, with copy designed to create enough panic among those who hear it to log onto their site.

Gwynster said...

I'd hardly call Davis my favorite place. It's where I work and if it weren't for that, I'd be out of here. I actually loathe the city and their politics and I'm a screaming pinko commie liberal >; )

This town is as liberal Irvine or Newport.

Sippn said...

G - sometimes its hard to tell by what they wear - had my son with me and this long haired, hadn't shaved in years dude with Berke's on feet walked in and ordered food - at Murder Burger - probably was a little conservative, likely a farmer.

The liberal, no growth city council over the past 30 years kind of priced out most of the left wing there, unless subsidized, like your friend in the $200k home in Lake Alhambra.

I like Davis also but wonder when some stop-sign-running bike is going to hit my SUV.

Patient Renter said...

"I like Davis also but wonder when some stop-sign-running bike is going to hit my SUV."

Hahaha. Was this sarcasm? From my experience, the opposite is what more often tends to occur.

Gwynster said...

LOL

Last Thursday I was almost run over by some idiot in a new boxster as I was leaving campus at A street and North Quad.

Apparently stop signs don't apply to people with more money then common sense.

I checked the guy's back bumper as he speed away. Sure enough, there was the SF parking permit sticker, area N. S is the only area I remember which is Haight/Castro.

Oh and my favorite Davis observation: This year's Teacher of the Year award was given to a HS teacher who is famous for tearing a Malcom X poster off the wall of a classroom. Seriously.

Diggin Deeper said...

Sacramento holding 74% of all foreclosures in California is a big burrito to swallow, if its true.

Must mean that Sacramento is one of the epicenters for future CDO failures as well.

I wonder how much of this privately financed M&A activity we've seen on Wall Street has its equity backed by real estate notes? I'll bet a ton of it is being used, and that some of these newly created private companies fail because of it.

Anyone who believes that this subprime mess will be contained within the real estate market is just plain kidding themselves.

This could get real interesting in the near future.

Mark said...

It is not true.

Simple common sense alone is enough to tell you that. About a minute on Google will confirm it.

What was heard was a COMMERCIAL for a Real Estate related web site that is taking smart advantage of investor and flipper panic.

I think that you will find the idenitical copy running with -- insert name of county here-- on radio stations throughout California.

NM real estate said...

Love the picture