Sacramento Regional Real Estate Trends for April 26, 2008
More of the same. Asking prices continue to edge down slightly, and cumulative losses continue to edge up slightly, but inventory is remarkably stable. 50% of the Sacramento County market listings are still Sellers In Trouble, and that number is showing no signs of improvement. Cumulative losses in Sacramento County are almost $0.5 Billion.
On the sales side, CAR is reporting a 29% y-o-y price drop for the state, and a 25% drop in sales volume. They're blaming the price drop on the increase in interest rates on non-conforming (aka "jumbo") loans, but the reality is the GSEs are simply requiring downpayments of 10% or more.
On a personal note, things are going to be pretty sparse around here for me starting around the end of this week. Let's just say there will soon be a "Mrs. Max" that will be commanding my full attention for a while. :) The stats will be taking a couple of weeks off, but I should be back blogging in full-effect after that.