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California Home Prices Double-Dip

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(Sacramento, CA)
Thursday, April 7, 2011

Analysts with home-price tracking firm Clear Capital say prices in California and the West have reached lows not seen in a decade. 

"In Sacramento for example, prices are back to early 2001, with prices down about 58% from their market highs."

Clear Capital's Alex Villacorta says home prices statewide have officially double-dipped, surpassing their 2009 low point by about a half-a-percent.

And banks are stepping up repossessions. The number of bank-owned…or REO properties…went up 6% in the past few months alone.

Villacorta says the only thing that could trigger price gains is an increase in buyer demand.

"But with the REO saturation rate in the West sitting above 40%, that's a large proportion of transactions out there that are weighing on the overall market prices."

Villacorta says the Sacramento area has one of the highest REO saturation rates in the West at 46%.

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