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More Houses Went Through Sacramento Foreclosure Auctions

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By : John Cutts    99 or more times read
There were more housing units that went through Sacramento foreclosure auctions in March compared to properties posted for foreclosure auctions a year ago.

In March, a total of 1,049 residential units in Sacramento were foreclosed, a whopping increase of 75.4 percent from only 598 units in March 2009. The number of delinquency notices, however, fell substantially from 2,980 units in March 2009 to 1,907 units in March this year. The number of trustee sale notices remained almost the same.

The number of completed foreclosures also increased significantly in other counties in the Sacramento region in March this year. In Placer, 216 homes were foreclosed, a jump of 151 percent from 86 units in March last year. In El Dorado, 105 homes were foreclosed, an increase of 176 percent from 38 units a year ago. In Yolo County, the number of properties repossessed through home auctions for sale increased from 49 units to 60, a jump of 22.45 percent.

Despite the rise in properties that entered Sacramento foreclosure auctions, house prices in the county increased in March. The sales price median for all types of houses in Sacramento County increased by almost 5 percent from the median a year ago to $173,000.

In nearby Yolo County, the median also rose by 4.6 percent year-over-year to $250,000. But the median prices in El Dorado and Placer fell in March by 10 percent and 11.8 percent, respectively. The March median price in El Dorado was $306,000 while the median in Placer was $317,000.

The sales price median for new homes also dropped in the first quarter from the final quarter of 2009. The new-home price median in the Sacramento region fell by 1.2 percent to $338,800 in the first quarter.

In the first quarter of 2006, the median price for newly-built homes was $466,000. It kept falling until reaching $350,000 in the third quarter of 2008 and then changed little, falling some more to $338,800 in March.

In contrast to the year-over-year increase in foreclosure activity in March in the Sacramento region, the pace of foreclosures slowed down statewide compared to one year ago.

However, the number of properties repossessed by lenders through foreclosure auctions in California increased sharply from 12,546 units in February to 16,892 units in March.

All in all in the first quarter, the surge in properties that entered Sacramento foreclosure auctions contributed to the 46,445 units taken back by lenders during the quarter.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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