Newest Sacramento Foreclosure News:

 According to the newest research I have done, Sacramento County is ranked 6Th out of 55 in the state for population per foreclosure sale.  Currently there are approximately 1,426 people for each trustee sale here in Sacramento… Right now Sacramento County Has 22,273 Foreclosures; according to Default Research (www.defaultresearch.com), that’s 4.22 percent of the households in Sacramento. Wow.

 “The impact of the credit crisis that began in August is now clearly starting to show its impact,” said ForeclosureRadar… which is the only web site that tracks every California foreclosure with daily updates on foreclosure auctions.  It also has a mapping feature that shows foreclosure activity from a Birdseye view and I use it frequently on listing appointments to show the number of homes in a particular area that are about to become bank owned and add to our inventory;  A great way to get sellers to either throw in the towel right now or to price their home aggressively and stop the bleeding right now.

 The latest foreclosure numbers and transaction reports are showing that finally we are seeing an increase in the number of real estate deals here in the Sacramento area. 

 Numbers for the rest of the state seem just as scary: DataQuick Information Systems of La Jolla reported that lenders sent81,550 default notices in the last three months of 2007. 

 At dinner the other night, I ran into a guy that told me about his own foreclosure ‘plight’: He is a displaced lender; he was in the mortgage business for over ten years and is now doing construction…  He owns four income properties here in the Sacramento area; one in Folsom, Two in Elk Grove and one in Carmichael.  After taking out all the equity on these homes, he put adjustable rate and neg-am mortgages on all of them (negative amortization; a type of mortgage where the monthly payment doesn’t even cover the interest, so the principle actually increases over the length of the loan).  Then he took the cash to put down on a huge house overlooking Folsom lake.  Now his mortgages are all in default and he is not making the payments.  His tenants have no Idea. He is pocketing the rent.

I wonder how many similar stories there are out there…

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Closing out the year on Sacramento real estate…

 As 2007 ends, Experts agree: Decline in American house prices are not over yet… and economists react: as New homes sales sink to the lowest annual rate in 12 years!!

 And then; More people buying into new developments are being left high and dry when their builders file for bankruptcy. Wouldn’t that be nice?

 Will prices continue to fall?

 How bout this one:

 Experts thought 2007 would bring a real estate recovery - not the worst collapse on record. What does that say about forecasts of a turnaround next year?

 Or this one:

 “Over the past decade, the exponential growth of credit derivatives has created unprecedented amounts of financial leverage on corporate credit,” he added. “Similar to the growth of subprime mortgages, the rapid rise of credit products required ideal economic conditions and disconnected the assessors of risk from those bearing it.” …what?

 All I know for sure is that opportunities like this only come around every 12 to 15 years in Sacramento… for those lucky enough to have withstood the craziness of this market and are in a position to buy now: good for you;  we’ll see you on easy street soon!! 

 Is there any doubt that prices will rebound? Does anyone wonder what will happen? Nobody knows when, but we all know this market will rebound and those who were able to buy sometime during this drop will be in the drivers seat…

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Sacramento Homebuyers: Hurry; Real Estate is on Sale!! How long can these great deals last?

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Sacramento Housing Inventory nearly triples compared to last year!

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It just gets worse; More Bad news for Sacramento homesellers…

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Three More Good Reasons for Sacramento Real Estate Sellers to Get Out Now!

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Good news, bad news about Sacramento Real Estate and Our Local Economy…

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Sacramento Real Estate Buyers’ outlook…

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Just like many Sacramento sellers, this Bank won’t “give this house away…”

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What Will Happen In Sacramento?