Real Estate Pro Articles

List of Foreclosure Auction More Extensive in South Sacramento

[Valid RSS feed]  Category Rss Feed -
By : John Cutts    99 or more times read
The city of Sacramento, California represents one of the worst foreclosure scenarios, with list of foreclosure auction in the city in worse condition than other metro areas. However, local market analysts have stated that even within the city, the effect of the crisis varies from one spot to another.

Sacramento foreclosure lists are some of the most extensive in the whole U.S., but looking at local areas like Davis, people will not feel the impact of the housing market problem. Compared with the southern part of the city, Davis seemed to have been spared from the foreclosure problem.

According to local housing market analysts, areas like Davis only felt the tremor of foreclosures, while the southern part of the city took the blunt of the crisis. The southern area of the region account for a large percentage of properties that are under foreclosure lists in California, analysts have reported.

An average of 150 houses fall under foreclosure property listings every month in the southern Sacramento area since the start of the industry crisis. In comparison, Davis did not even reach 150 in five years. According to realtors in Davis, their market is mainly high-end and supplies of homes are somewhat limited.

Analysts have reported that in Sacramento, majority of areas with the most extensive list of foreclosure auction are also the areas suffering from high poverty levels. They stated that this is because poor homeowners find it more difficult to pay their mortgages, hence the tendency to take out a bad loan and consequently, the more chances of defaulting and falling into foreclosure.

In the southern part of the city, subprime lending has thrived during the housing boom, which inevitably led to higher foreclosure rates during the crisis period. The area has recorded around 9,000 foreclosures since 2005. This translates to a ratio of one foreclosure for every six households. Values of properties have also declined by around 64% in the area.

In comparison, Davis has only had 130 foreclosed properties during the period of 2005-2010. This represents a ratio of one home under list of foreclosure auction for every 125 within an almost five-year period. Values of residential properties in Davis have declined by an average of 18% since their peak, analysts have reported.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

Related Articles

Print This Article
Add To Favorites




© All rights reserved to Real Estate Pro Articles