Look for a whole new batch of homes to come on the market in the spring and summer after another large number of home owners see their adjustable rate mortgages go up. Many mortgages are due to reset in March of 2008, keep a lookout in some of Sacramento's middle to upper end communities where many stretched themselves to buy over that last few years.
Many experts are predicting some communities to get hit pretty hard this year, like El Dorado Hills. With bank owned properties selling for about 80 cents on the dollar compared to similar homes on the market this should drive prices down in these areas.
A quick check of www.realtytrac.com can give you a great idea of the # of homes in pre-foreclosure and are currently bank owned. Keeping an eye on this can give you a great idea of what is going on and about to happen by zip code.
If you would like a detailed analysis of any particular area, just let me know, I am glad to help.
Monday, January 14, 2008
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