Posted on 06/11/2008 4:27:58 PM PDT by shrinkermd
If you want to buy a home in Sacramento, Calif., the banks have a deal for you.
The Sacramento Association of Realtors says that a whopping 65.5% of 1,654 homes sold by Realtors in May were bank-owned, foreclosed, homes. The median sales price in Sacramento County and the City of West Sacramento May was $230,250, down 34.2% from a year ago.
The good news for the overall housing market is the inventory of foreclosed homes is starting to move. Realtor sales overall in Sacramento in May were up 76% from a year ago and up 14% from April, the local trade group said.
But as housing economist Thomas Lawler pointed out in a recent research note, “non-distressed home sellers found little solace” in the Sacramento sales “boom.” The banks appear to be offering bargain basement prices that mom-and-pop home sellers can’t stomach.
(Excerpt) Read more at blogs.wsj.com ...
Buying opportunity.
“The banks appear to be offering bargain basement prices that mom-and-pop home sellers can’t stomach.”
My advice: if you want to sell, get a strong stomach. Real estate isn’t moving right now and 30 yr mortgages have gone up about 20 basis points since last week.
“The median sales price in Sacramento County and the City of West Sacramento May was $230,250, down 34.2% from a year ago.”
Puts a hurting on folks who have to sell and can’t get enough to pay off their mortgage.
Hmm, I just sent off a scanned in copy of a purchase agreement on a 70 yr old Brick house on 2 acres.
$125K
“$125K”
Sweet. What part of the country?
“Puts a hurting on folks who have to sell and can’t get enough to pay off their mortgage.”
Most of them will simply stay put until they get rightside up on their house. Might be a spell.
Sounds like affordable housing.
Typical realtor BS. "Good" news? Ha.
Leave it to the people who call a tiny house or condo 'cozy' to try to fake the public out that the number of those 'great foreclosure properties' is starting to dry up. We have barely begun to scratch the surface on popping the bubble.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.