A couple of months ago, I wrote a blog Sacramento reo statistics-What does this mean and today I just wanted to give you a quick update on where were are.
Has anything changed? Are more REO lisitngs coming on the market? Is the "Shadow Inventory" still out there? Well as of today, Realty Trac is reporting 5220 bank owned homes in Sacramento, CA. According to Metrolist, we currently have 1240 REO or bank owned homes either active or pending on the market in Sacramento. It appears that this leaves a difference of 3,989 bank owned homes still to come on the market. In addition, Realty Trac reports today a total of 5151 Preforeclosure in this same area.
Just in the Elk Grove market area, Realty Trac today is reporting 1268 bank owned homes, while Metrolist is showing 304 bank owned homes either active or pending in the 95624, 95757 and 95758 zip code areas or Elk Grove. This leaves 964 more homes to come on the market and that does not include all of the preforeclosures out there.
So what does this mean? This means that there is still going to be opportunity out there for first time homebuyers, move up buyers and investors. Although our inventory is currently low, there will be more inventory soon. We are seeing an increase in BPO (Broker Price Opinion) orders and an increase in Bank Assignments to listing agents. So hang in there...make sure you are working with an agent that really understands the current market and can keep you up to date on the market.
To get more information on the current Sacramento market, make sure to read Sacramento Area Market Update.
For more information, contact Lori Mode and Bruce Durham of Keller Williams Realty, (916) 405-5766 or go to www.AllElkGroveHomes.com.
If you are an investor, make sure to check out our upcoming Sacramento Investor Boot Camp and Foreclosure Tour, coming on Saturday, August 15th. Go to www.SacramentoInvestorBootCamp.com.
To check the value of your Elk Grove home, go to www.AllElkGroveHomes.com.
If you are a first time homebuyer, ask your agent about the CAR Mortgage Protection program for first time homebuyers!
Search all Sacramento homes here!
Lori Mode and Bruce Durham, Keller Williams Realty in Elk Grove
www.AllElkGroveHomes.com
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