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Report: Sacramento Home Prices Up Slightly



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(Sacramento, CA)
Monday, February 06, 2012

The figures come from house-price tracking firm Clear Capital and compare the most recent four months to the previous three months.  

"For the first time in quite some time, Sacramento is now posting a 0.5% gain in home prices."

Clear Capital's Alex Villacorta says values are up a little because there are fewer discounted real-estate-owned homes on the market. The proportion of REOs saturating the market is at 33%...down from 45% a year ago.

"If you go back even to the height of the crisis that rate was closer to 60%. So you put that all together and the level of distressed sales activity in the Sacramento region is almost half of what it was."

Even though banks are likely to speed up the foreclosure process, Villacorta doesn't believe we'll see a wave of REO inventory hit the market. He says if banks released their distressed inventory all at once, it would undermine the value of their own holdings.

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