![]() 5330 Agate Way Carmichael, CA 95608 |
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![]() 12045 Mandolin Way Rancho Cordova, CA 95742 |
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![]() 104 Herrill Ct Folsom, CA 95630 |
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![]() 8756 Rubystone Ct Elk Grove, CA 95624 |
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![]() 5412 Ravine Creek Way Elk Grove, CA 95758 |
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![]() 4211 Brookfield Dr Sacramento, CA 95823 |
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![]() 2010 Bonavista Way Sacramento, CA 95832 |
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![]() 9308 Engleside Ct Elk Grove, CA 95758 |
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![]() 2424 27th St Sacramento, CA 95818 |
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![]() 6829 Fruitridge Rd Sacramento, CA 95820 |
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![]() 8625 Allister Way Elk Grove, CA 95624 |
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![]() 6820 Castleberry Cir Citrus Heights, CA 95621 |
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![]() 3311 Franklin Blvd Sacramento, CA 95818 |
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![]() 3320 9th Ave Sacramento, CA 95817 |
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![]() 6549 RIO OSO Dr Rancho Murieta, CA 95683 |
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![]() 9682 Alta Mesa Rd Wilton, CA 95693 |
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![]() 5 Northwich Ct Sacramento, CA 95832 |
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![]() 2085 Edgewater Rd Sacramento, CA 95815 |
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![]() 7718 Beth St Sacramento, CA 95832 |
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![]() 3001 60th St Sacramento, CA 95820 |
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![]() 1510 Florin Rd Sacramento, CA 95822 |
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![]() 2713 16th St Sacramento, CA 95818 |
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![]() 1640 60th Ave Sacramento, CA 95822 |
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![]() 4229 Alan Dr North Highlands, CA 95660 |
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![]() 8013 Hartwick Way Sacramento, CA 95828 |
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![]() 10178 Clairina Way Elk Grove, CA 95757 |
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![]() 6217 Thicket Ct Elk Grove, CA 95758 |
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![]() 6101 Bamford Dr Sacramento, CA 95823 |
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![]() 8896 Monterey Oaks Dr Elk Grove, CA 95758 |
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![]() 135 Mcfarland Dr Folsom, CA 95630 |
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![]() 8324 Crestshire Cir Orangevale, CA 95662 |
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![]() 4815 Crest Dr Sacramento, CA 95835 |
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![]() 8053 Cantata Way Antelope, CA 95843 |
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![]() 2615 Burnaby Way Sacramento, CA 95833 |
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![]() 6204 Green Top Way Orangevale, CA 95662 |
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![]() 8369 Rasmussen Cir Elverta, CA 95626 |
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![]() 7109 Paul Do Mar Way Elk Grove, CA 95757 |
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![]() 1442 Taupin Ct Folsom, CA 95630 |
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![]() 1809 Verano St Sacramento, CA 95838 |
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![]() 8407 Nandina Way Antelope, CA 95843 |
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![]() 54 Northwich Ct Sacramento, CA 95832 |
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![]() 1898 Acari Ave Sacramento, CA 95835 |
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![]() 7621 Scribner Ave Citrus Heights, CA 95610 |
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![]() 7197 Snowy Birch Way Sacramento, CA 95823 |
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![]() 5705 Zimmerman Ct Fair Oaks, CA 95628 |
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![]() 5405 Beckworth Way Antelope, CA 95843 |
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![]() 8409 Bloomington Dr Sacramento, CA 95828 |
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![]() 1351 Woodside Glen Way Sacramento, CA 95833 |
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![]() 9217 Cotton Creek Ct Sacramento, CA 95829 |
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![]() 7616 Wooddale Way Citrus Heights, CA 95610 |
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![]() 2925 Babson Dr Elk Grove, CA 95758 |
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![]() 290 Audubon Cir Sacramento, CA 95831 |
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![]() 3584 Rainsong Cir Rancho Cordova, CA 95670 |
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![]() 3930 Balverne Ct Antelope, CA 95843 |
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![]() 9460 Brookmont Ct Elk Grove, CA 95624 |
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![]() 7560 Twilight Dr Sacramento, CA 95822 |
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![]() 8587 New Island Way Sacramento, CA 95828 |
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![]() 3337 Mas Amilos Way Sacramento, CA 95835 |
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![]() 3501 Del Paso Blvd Sacramento, CA 95838 |
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![]() 4898 Kokomo Dr Sacramento, CA 95835 |
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![]() 91 Hermes Cir Sacramento, CA 95823 |
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![]() 6820 Stoneman Dr North Highlands, CA 95660 |
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![]() 5106 Walnut Pointe Ln Carmichael, CA 95608 |
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![]() 22 Bimini Ct Sacramento, CA 95835 |
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![]() 9666 Red Current Way Elk Grove, CA 95757 |
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![]() 9582 Castledale Ct Elk Grove, CA 95758 |
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![]() 5426 Baccus Way Sacramento, CA 95835 |
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![]() 5026 Laguna Dr Sacramento, CA 95823 |
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![]() 7914 Sylvan Oak Way Citrus Heights, CA 95610 |
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![]() 2611 28th St Sacramento, CA 95818 |
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![]() 6313 Rabbit Hollow Way Elk Grove, CA 95757 |
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![]() 1200 Brannan Island Rd Isleton, CA 95641 |
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![]() 4996 Madamin Way Sacramento, CA 95835 |
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![]() 8738 Lemas Rd Sacramento, CA 95828 |
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![]() 1386 Kerslake Cir Folsom, CA 95630 |
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![]() 8209 Newport Park Ct Sacramento, CA 95828 |
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![]() 10678 Basie Way Rancho Cordova, CA 95670 |
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![]() 888 Koralla Way Galt, CA 95632 |
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![]() 5504 Lemon View Way Sacramento, CA 95824 |
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![]() 3557 Envero Way Rancho Cordova, CA 95670 |
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![]() 3259 Rancho Silva Dr Sacramento, CA 95833 |
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![]() 2424 Mabry Dr Sacramento, CA 95835 |
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![]() 9060 Clarissa Dr Orangevale, CA 95662 |
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![]() 3729 Rock Island Dr Sacramento, CA 95827 |
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![]() 7568 Mountain Oak Way North Highlands, CA 95660 |
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![]() 9840 Imperia Ct Elk Grove, CA 95757 |
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![]() 3436 Windsor Dr Sacramento, CA 95864 |
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![]() 9136 Giant Panda Dr Sacramento, CA 95829 |
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![]() 6701 Kenton Way Elk Grove, CA 95758 |
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![]() 6830 Mercedes Ave Citrus Heights, CA 95621 |
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![]() 5855 13th St Sacramento, CA 95822 |
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![]() 3712 Lenore Way North Highlands, CA 95660 |
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![]() 2121 Bradburn Dr Sacramento, CA 95835 |
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![]() 9968 Autumn Sage Way Elk Grove, CA 95757 |
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![]() 3001 Sparrow Dr Sacramento, CA 95834 |
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![]() 530 Garden St Sacramento, CA 95815 |
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![]() 180 Sutley Cir Sacramento, CA 95835 |
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![]() 3739 Broadland St Sacramento, CA 95834 |
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![]() 7904 Garry Oak Dr Citrus Heights, CA 95610 |
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![]() 3862 Saintsbury Dr Sacramento, CA 95834 |
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![]() 8025 Neisa Way Sacramento, CA 95828 |
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![]() 5100 Antler Run Pl Antelope, CA 95843 |
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![]() 829 El Camino Ave Sacramento, CA 95833 |
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![]() 15568 Topspin Way Rancho Murieta, CA 95683 |
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![]() 5123 Seaglen Way Sacramento, CA 95835 |
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![]() 6926 Paseo Del Sol Way Elk Grove, CA 95758 |
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![]() 7772 Southland Ct Sacramento, CA 95828 |
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![]() 8278 Leesburg Way Elk Grove, CA 95624 |
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![]() 11740 Mani Cir Rancho Cordova, CA 95742 |
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![]() 2830 Frigate Bird Dr Sacramento, CA 95834 |
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![]() 3832 13th Ave Sacramento, CA 95820 |
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![]() 9123 Cobblefield Dr Sacramento, CA 95829 |
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![]() 2807 Rio Linda Blvd Sacramento, CA 95815 |
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![]() 1807 Danbrook Dr Sacramento, CA 95835 |
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![]() 9016 Lismore Dr Elk Grove, CA 95624 |
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![]() 9141 Bramwell Way Sacramento, CA 95829 |
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![]() 2504 Clearlake Way Sacramento, CA 95826 |
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![]() 2175 Florin Rd Sacramento, CA 95822 |
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![]() 3575 Cattle Dr Sacramento, CA 95834 |
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![]() 10204 Goinyour Way Sacramento, CA 95827 |
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![]() 4541 39th Ave Sacramento, CA 95824 |
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![]() 1985 Jim Casebolt Way Sacramento, CA 95835 |
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![]() 400 Turn Pike Dr Folsom, CA 95630 |
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10 comments :
I wonder how many of these listing represent "flippers in trouble" vs. "lenders in trouble". Mortgages are typically no-recourse loans and down payments these days are tiny so small-scale investers who "buy to flip" have significant downside protection. Lenders are motivated to move the properties they repo and if the % of these failed flips is small it's just part of the cost of doing business. If if the % gets high enough it end up as "taxpayers in trouble" (as happened with the S&L bailout).
True, but I try not to be overly technical with a blog like this. Every investment decision is different, and it’s impossible to say who the true losers are with each case.
i love it. and im from philly. if there is any indication where the market is headed...I guess my wife and iwill actually be able to afford a home in 2008
Great blog! I am curious to why there hasn't been much activity in reductions of price in August. It seems most of the damage was done in may, june, july. Is there a lag w/ the reductions? Maybe there is a stand off w/ stubborn sellers that can only take so much loss?
I am far from a real estate proffessional, never owned a home and have no plans to buy in the Sac area anytime soon. Yet, I am the stupid one for renting. Everything my better half and I projected about the market from 4 years ago on has come to pass. I am sooo sick of real estate people I run into here and there trying to push homes on us and giving the old *oh the market is fine!* crud. I really feel sorry for all the average people suckered into buying homes over the past 3 years. I cannot count how many people we have run into who are scared for their financial future due to what they have gotten themselves into...yikes.
Great site - thanks for the link on craigslist that led me to it! Having this info is a world of help :) I tried to buy a year and a half ago and got nothing but "Oh, you NEED one of our Interest Only loans!! No no, don't worry, you can just refi it in two years...no no no, of course there won't be a problem!" etc etc. Thank God I had done enough research to know better. But man, did Washington Mutual get snotty when I told them so. As another person said...yikes. Tough world out there, ain't it? Watch your back.
Hunter, The price reductions will not be linear. They will now come in large drops for a few months, followed by plateaus. Part will have to do with the seasons, part with interest rates, part with job layoffs, part with foreclosures, etc. But it is going to drop. I bet it will go down 40% before all is said and done.
I do have some data that shows that asking prices are dropping slightly. The sellers are either in denial mode or they're underwater without cash and can't bring anything to the table. Extrapolating from the in-depth flipper analyses, anywhere from 30%-50% of all flippers in Sacramento are losing money. That's over 10% of the entire market!
What will drive the market down are the new home prices. These builders have been making 100% profit for the last couple of years, and they have a lot of wiggle room on price. Remember, a $450K place in Elk Grove in 2005 was a $250K place in 2002. In my opinion, the builder is still making money at $250K.
If the builders are smart, they'll walk the market down, staying just below the median until they work off all their inventory. The flipper-investor types are completely doomed, as is anyone who bought within the last two years and needs to sell.
That is exactly it! Why is it I can buy 20 acres and a 7000 square foot home in Tennessee for $200 thousand but here that would cost millions? The costs to BUILD are NOT anywhere near as expensive as what is being charged. But you know what? A good friend makes $17 an hour trucking in this area and another friend makes $18 in the Tennessee area. *Oh the pay scale is horrible* is another lie people tell themselves. When it is between having a $600 mortgage and a $3000 mortgage...how much does one actually have to make to have a good life? Think people...just use the brain God gave you and think.
Thanks for the link DOG :-)
Go BOLTS!!
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