Mar 5, 2009

150 Foreclosures in 2006. 2008? 18,000+ !!!

Hello Neighbors,

We had a great guest speaker at this morning's SAR (Sacramento Association of Realtors) Real Estate Finance Forum: Ken Stieger, Sacramento County Tax Assessor.

Yep, the guy who runs the shop for Sacramento County. His group (about 170 staff) set your property tax values. We talked about the processes, the billing cycles, and the data....

For Sacramento County:

* In 2006, there were 150 foreclosures TOTAL during that 12 month period.

* In 2008, there were 18,000+ foreclosures during that 12 month period!

* September of 2008 saw a little over 2,000 homes get foreclosed on.


He showed graphs and graphs of good trend data.

2009 foreclosure rates are WAY below 2008.

Let me say that again - to you Buyers on the fence - 2009 foreclosure rates are WAY below 2008. Regardless of what you hear in the media, the county data shows that banks / lenders ARE working with home owners to save their homes.

If you are waiting for huge waves of foreclosures, we'll still see them... but it will be below the rates of 2008. Hopefully we've turned the corner - which also means huge price reductions will cease.

If you are chasing REOs (foreclosed properties), take note of this trend.

- Jim

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