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Little Effect of VA Foreclosure Listing on Sacramento Prices

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By : John Cutts    99 or more times read
VA foreclosure listing and other distressed listings did not put a downward pressure on home prices in Sacramento in April, as prices surged in the region despite continued foreclosure activity.

The price median for Sacramento homes increased by 12.4 percent over the year in April to $188,100, compared to the April 2009 median of $167,300, based on data from the California Association of Realtors.

Sacramento County posted the highest rate of price increase in the region in April despite posting 1,267 Sacramento bank owned homes during the month. The number marked a jump of 21 percent from the 1,049 homes repossessed in the previous month and a spike of 45 percent from the 877 homes put into foreclosure property listings in April 2009.

While Sacramento County experienced substantial improvements in home prices, the region lagged other regions in California in price levels. Home prices in the San Francisco Bay Area and in Santa Clara County shot up by more than 40 percent in April.

While buyers can still explore a good VA foreclosure listing in California, the number of VA homes is not substantial enough to be able to push down prices. VA officials said they have been able to launch programs that help distressed VA borrowers and to slow down foreclosures on VA mortgages.

Despite a slowdown in foreclosure activity in most markets in California, the number of bank owned properties in California was still the highest among states in April, with a total of 16,932 repossessed units. The number accounted for 24.28 percent of total REO units nationwide in April and accounted for 19.14 percent of total filings statewide during the month.

Total pre foreclosures meanwhile in April reached 52,793 filings, a substantial drop from 76,281 filings in the previous month of March.

For buyers interested in VA foreclosure listing, they can access VA homes through the more popular online foreclosure listings as these also offer all government owned homes.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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