Sacramento Sees Rising Foreclosure Sales
Sacramento Sees Rising Foreclosure Sales
The city of Sacramento has been plagued by foreclosures for much of the past five years, and last year one of the city’s zip codes, 95832, saw more foreclosures than any other region of California. However, the rise in foreclosures coming on to the market has also led to a great increase in the interest of purchase of foreclosure homes in the city.
Thanks to a flooded market, foreclosures in Sacramento often go for way below their actual value through bank and lender auctions. Many buyers end up finding savings of anywhere from 20 to 50% on foreclosed homes. As a result, more and more homebuyers are taking an interest in buying them, especially since today’s housing market offers little else in the way of value.
While foreclosure is still high in Sacramento, the month of April 2008 actually saw more home sold off by banks through foreclosure auctions than were repossessed, indicating that the public is really starting to catch on to the value of foreclosure investing. And what’s more, foreclosures accounted for an overwhelming majority of the total number of homes sold, indicating the foreclosure market is becoming more popular than the open market.
Look for this trend to spread to other areas, and if you’re looking at buying, now is the time before competition increases.
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