Is the Sacramento Housing Market in recovery?

What does lower inventory really mean.

Recently the Sacramento Bee ran a front page story asking the question "Is worst over for Sacramento's housing market?" 

It is an interesting question, available inventory has  been going down to a more manageable number and home sales have risen over the past few months to match at least in volume numbers seen in 2005. Buyers have not been hesitant to act quickly to buy whatever properties appear to be a good deal.  For the majority of the Sacramento region that has meant distressed properties, short sales and REO/Bank Foreclosures. 

One reason for the decrease in inventory over the past few months is due to banks/mortgage holders holding off on foreclosure proceedings due to new legislation that was passed in the summer.  Some feel that banks are working through the details of this what the law requires and we will see an increase in foreclosure filings come the first of 2009.  I hope that the banks will work more closely with homeowners in difficulty to either modify the current loan or work with the owners to facilitate a short sale. Only time will tell to see if an increase in foreclosure filings becomes a reality for Sacramento Real Estate.

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