Sunday, April 27, 2008

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.












15 comments :

Wadin' In said...

A "Mrs. Max"?? Are congratulations in order? I assume you must be registered at RE/Max? Can I get you a 3 Bd, 2 Ba, with a pink or blue bedroom?

I must confess there is soon to be a Mrs. Wadin In soon!

I sympathize with you, since I am learning how much time must be devoted to getting on with the formality of increasing her tax bracket from 5% to 35%!!!

Anyway, I wish you the best in your endeavor. The real icing on the cake will be if Sippn says there is soon to be a Mrs. Sippn!!

Rich said...

Congrats to Mr. and the future Mrs. Max!

You think your time is limitted now- just wait until Mini Max!

Sippn said...

I would but the current Mrs Sippn wouldn't approve of the big love.

Congrats!

Deflationary Jane said...

Maval Tov!

Buying Time said...

Whether its a house or a honey, falling in love is the reason you commit....not data or statistics!

Best of luck Max and Wadin.

You two were smart enough not to get caught up in the housing bubble....the wedding industry is by far, as bad or worse than the RE industry. Lots and lots of hype and guilt aimed at getting you to spend ridiculous sums of money.....sound familiar?

Max said...

Thanks, guys! It's been pretty nuts lately, that's for sure.

the wedding industry is by far, as bad or worse than the RE industry.

No comment! :)

Anonymous said...

I'm looking for a girl that doesn't want anything. Once I find her, I'll give her everything.

Paul said...

Congratulations!!

incessant_din said...

Congratulations!

Real said...

I would but the current Mrs Sippn wouldn't approve of the big love.

Now is a great time to get a newer model with more modern features at a great price....

Patient Renter said...

Regarding REO (shadow) inventory, any thoughts on the pending state legislation that would levy a $1000 per day fine against banks for neglecting to "take care" of forclosed properties? Will this result in ton of REO properties being dumped on the market?

Anonymous said...

1k a day fine? Well, that should make the recovery much faster. Prices will fall to realistic level faster. Then people who bought low can start spending. People who wants to foreclose will foreclose sooner.

Max said...

Can't speak about that particular piece of legislation, but the banks should be expecting a regulatory response sooner or later. Some anecdotal evidence seems to suggest that HOAs are having luck simply faxing the lender a bill. I know cities are passing lawn maintenance ordinances and such. When these vacant houses start accumulating drug users, gangs, homeless, and partying teenagers, this trend will accelerate.

The price of delay keeps growing.

Patient Renter said...

I'm still trying to figure out the legislation, but it's being framed as something that will supposedly combat forclosures - how, I have no idea. But it looks like it should have no problem getting through...

Vlad said...

Max - congratulations!