Latest News and Topics of Interest: If you are a first-time home buyer, Obama signed his stimulus package today, providing you with an additional $8,000 tax credit. Inventories have reached their lowest levels in the past year at both the county and city levels. Interest rates rose a little bit with the avg. cost of a 30 yr. fixed mortgage in the Western U.S. rising from 5.01% on 1/1/08 to 5.03% on 1/29/09. Hopes are that Federal Reserve actions will bring rates back down.
On the Horizon: Treasury Secretary Geitner and President Obama are expected to provide further details on the bank/mortgage rescue plan later this week. Speculation has included a "bad bank" scenario, home owner subsidies and the suspension of "mark-to-market" accounting. Whatever the answer is going to be, it will be nice to get some clarity on the plan going forward. It is time for the recovery to begin.
National & Regional Snap-shot: 1,537 homes sold in Sacramento County last month, including 1,167 bank owned sales and 163 short sales. In all, 86% of the volume was distressed home sales. The average sales price was $189,267.
Folsom: Folsom opened up the first month of 2009 with 36 homes sales. 17 were bank owned sales and 6 were short sales, making distressed home sales 64% of the total volume. The average home sales price was $366k at $186 per square foot.
El Dorado Hills: EDH held steady in January, again posting 35 home sales (same as 12/08). 11 of the sales were bank repo's and 5 were short sales, making distressed home sales 46% of the volume. The average sales price was $522k at $169 per sq. foot.
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