While doing research this morning for a presentation that I am giving on Wednesday evening to Sacramento Rental Housing Association, I pulled these unbelievable statistics for the Sacramento County area regarding Bank Owned or REO properties.

Realty Trac as of 6/15/09                                     10,031 REO or Bank Owned homes

Less Active listings - Metrolist                                    717 REO

Less Pending Listings - Metrolist                              1,681 REO

Difference - Total "Shadow Inventory"

Sacramento County as of 6/15/09                            7,633 TO COME

Plus if you take into account the Preforeclosures

Realty Trac - as of 6/15/09                                      9,397 NOD's

There is going to be plenty of opportunity to come over the next several months, at least. 

Currently today we have less than a 2 month supply of inventory on the market in Sacramento County, however as the banks start releasing more of their inventory, it will be interesting to watch the changes coming.  

We have been seeing REO's or Bank Owned homes selling very quickly, 7 days or less, with multiple offers - sometimes as many as 20 offers.  Will this change as the new inventory is released by the banks?  Or will the banks release these slowly so we still have a pent up demand by first time homebuyers and investors?  Only time will tell...and keeping your eyes on the statistics and market, of course!

For more information on market statistics or prices in the Elk Grove area, contact Lori Mode at (916) 405-5765 or Lori@ModeandDurhaM.com.

To check the value of your home, go to www.AllElkGroveHomes.com.

If you are a first time homebuyer, check out Use Your $8,000 Tax Credit at Close of Escrow!

 Search all Sacramento homes here!

Lori Mode & Bruce Durham, Keller Williams Realty, Elk Grove

                    www.ModeandDurhaM.com