Just thought I'd give a quick update for those who like watching this kind of thing:
Number of new foreclosures in the county rose to 180 on Saturday, 224(!) on Sunday, and another 148 today.
These are the highest daily numbers I've seen in about 5 years.
Anyone looking for a deal?
Fib
Sacramento Foreclosures
Started by
fib_1618
, Mar 05 2007 06:00 PM
6 replies to this topic
#1
fib_1618
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Posted 05 March 2007 - 06:00 PM
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Demagogue: A leader who makes use of popular prejudices, false claims and promises in order to gain power.
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#2
greenie
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Posted 05 March 2007 - 06:19 PM
Did I warn you about collapsing Sacramento market in August last year? It was one of the first markets in California to turn down sharply, other one being Riverside.
Here is the problem with Sacramento. It is in the middle of flatlands, and there is no shortage of land to build homes around. The oversupply there is phenomenal - and all are new homes. On the other hand, population has less earning than Santa Barbara, or bay area. Now, all the new homebuilders had to sell the houses, and did that to poor people by selling with toxic loan. At the same time, many bay area people saw prices of Sacramento going up, and bought second or third homes.
The fun is just starting now, because none of those homeowners will be able to get any other loan, when their ARMs reset. Their favorite lenders just jumped off the cliff today.
It is not the doing that is difficult, but the knowing
It's the illiquidity, stupid !
It's the illiquidity, stupid !
#3
atlasshrugged
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Posted 05 March 2007 - 06:21 PM
Did I warn you about collapsing Sacramento market in August last year? It was one of the first markets in California to turn down sharply, other one being Riverside.
Here is the problem with Sacramento. It is in the middle of flatlands, and there is no shortage of land to build homes around. The oversupply there is phenomenal - and all are new homes. On the other hand, population has less earning than Santa Barbara, or bay area. Now, all the new homebuilders had to sell the houses, and did that to poor people by selling with toxic loan. At the same time, many bay area people saw prices of Sacramento going up, and bought second or third homes.
The fun is just starting now, because none of those homeowners will be able to get any other loan, when their ARMs reset. Their favorite lenders just jumped off the cliff today.
Add Phoenix, San Bernadino, Yuma to that scenario too!!!
www.lasvegaslandbaron.com!!!
#4
greenie
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Posted 05 March 2007 - 06:21 PM
Edit double post.
The fun is just starting now, because none of those homeowners will be able to get any other loan, when their ARMs reset. Their favorite lenders just jumped off the cliff today. All I can tell you is to move out of Sacramento (to the Midwest) sooner or later. It will be one hell of a crime-ridden city within 1.5-2 years.
Edited by greenie, 05 March 2007 - 06:22 PM.
It is not the doing that is difficult, but the knowing
It's the illiquidity, stupid !
It's the illiquidity, stupid !
#5
ed rader
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Posted 05 March 2007 - 06:24 PM
Did I warn you about collapsing Sacramento market in August last year? It was one of the first markets in California to turn down sharply, other one being Riverside.
Here is the problem with Sacramento. It is in the middle of flatlands, and there is no shortage of land to build homes around. The oversupply there is phenomenal - and all are new homes. On the other hand, population has less earning than Santa Barbara, or bay area. Now, all the new homebuilders had to sell the houses, and did that to poor people by selling with toxic loan. At the same time, many bay area people saw prices of Sacramento going up, and bought second or third homes.
The fun is just starting now, because none of those homeowners will be able to get any other loan, when their ARMs reset. Their favorite lenders just jumped off the cliff today.
not to mention sacramento is an area where some people move to by default usually -- e.g, they can't afford a house in the bay area.
speaking of which, there are still thousands and thousands of condo-like units under construction in silicon valley.
ed rader
#6
jawndissedi
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Posted 05 March 2007 - 06:41 PM
Da nile is more than a river in Egypt.
#7
hamakua
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Posted 05 March 2007 - 09:20 PM
Sacramento Blog which tracks the crisis.....I posted this months ago....look at the price declines posted.....reminds me of dot.com
I recently moved to Florida from Hawaii......i have been looking for a home to buy, however, i am really just window shopping for now, waiting for that 1/2 million house to sell for 250k or less.....and its getting there. I have looked at 40 maybe 50 homes in past three months at least........80% of these homes are VACANT........like I said, i will wait at least another 6 - 12 months to find that 1/2 million house for 250k or less.
http://flippersintrouble.blogspot.com/
I recently moved to Florida from Hawaii......i have been looking for a home to buy, however, i am really just window shopping for now, waiting for that 1/2 million house to sell for 250k or less.....and its getting there. I have looked at 40 maybe 50 homes in past three months at least........80% of these homes are VACANT........like I said, i will wait at least another 6 - 12 months to find that 1/2 million house for 250k or less.
http://flippersintrouble.blogspot.com/
Edited by hamakua, 05 March 2007 - 09:24 PM.
