In recent months I have been saying that Sacramento is stabilizing...we are done with about 80% of our foreclosures, our sales have doubled since last year at this time and it appears that the decline in market values is creeping rather than racing down the speedway.
On April 28th, an article came out on the Wall Street Journal with the headline "First Housing Markets to Heal? Analyst Bets on Sacramento, Washington". Whoohoo! The analyst is John Burns. According to Mr. Burns, the fact that Sacramento's new home supply has shrunk more than other markets he tracks, along with very affordable housing and the ability to get loans improving is evidence that Sacramento has early recovery potential. He cites that employment could be a deterrent in this recovery. Personally, I am going to continue to believe that we are on our way!
Washington DC is also poised for an early recovery. While jobs are not the issue that Sacramento has, he felt that the housing market might fall an additional 5%-10%.
There are a few cities he cited as taking the longest to recover, but I want this post to be positive, so I am going to leave it here...life is getting better by the day!
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