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DataQuick: Fewer Foreclosures On The Market

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(Sacramento, CA)
Friday, September 14, 2012

The median price for a Sacramento County home in August was $176,500.

"That was up 10.3% from a year ago. It was also the third month in a row we've seen that median sales price for existing single family detached rise."

Andrew LePage is with DataQuick, the research firm that released the numbers. He says the price increase isn't just because home values are going up. It's also because more people are buying mid-to-high-end properties.
"Fewer of the homes selling today are foreclosed properties. Those tend to be in more affordable areas to begin with and often are heavily discounted."
The DataQuick figures show that in Sacramento County last month only one-out-of-four homes that re-sold were foreclosed properties…the lowest level in five-years.
LePage says - we're through the worst of the foreclosure crisis. The question now is how quickly the market will sell-off what's left of the distressed housing inventory.
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