Sacramento home sales up 44% over February 2008. 

News reports keep indicating that Sacramento is one of the areas leading the nation in value declines however inventory is moving in the region.  Well it's not all inventory - distressed property is still the majority of sales in the region.  There has also been a decline in REO's to hit the market due to the moritorium that some of the lenders/Fannie Mae & others have imposed on themselves.

Nearly all the agents I have spoken with in the last couple of weeks all have stories of houses they know have been foreclosed on yet the new owner (the bank) has not yet listed the home for sale.  It seems like the lenders want to control the inventory hitting the market  so most everyone expects to see a wave of houses (new bank owned inventory) hit the market in the next several months.

Region wide there were 8,136 homes for sale at the end of February.  That is down significantly from the fall 2007 when there were nearly double the inventory from  current levels.

FHA financing is very popular in this current market - while the costs for these loans are typically a little higher - they allow buyers to have a lower downpayment but also require the property to be in good overall condition.

Visit my site to search for all available Sacramento homes or contact me directly with any questions you have about this interesting market.

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