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Stopping Doom & Gloom Foreclosure Rumors for Placer County

By
Real Estate Agent with Granite Real Estate "Cool Team" 01094982

Placer County REO dada chart

Sometimes the media needs to make news, it seems.  They will use information in other parts of the country that does not accurately reflect our recovering local market and say a new wave of foreclosures will flood the market. 

Since Placer County has seen a 34% increase in values since the low of January 2012 many people are no longer underwater in their property, mind you we have still to recover another 23% to reach the highs of the market in 2007.  You can see from the chart below that REO's (foreclosures) have fallen off significantly and the chart for short sales nearly mirrors this.  What all this means, if you kept a job and paid your mortgage since 2007, you have some equity or if you bought at high market and put 20% down you are nearing break even. 

Which means few Placer County residents would have to short sale today, if they had to market their home, most would walk away with a little bit of change after closing costs.  So, unless you stop making your payments for whatever reason, Foreclosures will continue to diminish and traditional sales will continue to fuel the recovery in the local housing market.  When there are move up buyers, as we are seeing; the housing sector is in good shape.  Even land is starting to move again!

PS:  Homes selling in the $300,000. and under, today; are within 5% of high market value.

To see how your town has faired with the county contact me directly for hyper local charts.

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Comments (1)

Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Always essential to point out the positive aspects of our regions...that media brush is way too broad!

Feb 21, 2014 09:13 AM