Home Front

A blog about the economy and the Sacramento-area real estate market.

March 20, 2008
3,500 sales of bank-owned homes in four months

house_lavastone.jpg

I was just doing some calculations for a story being published this weekend on what consumers should know about buying bank-owned homes. The numbers show that buyers snapped up more than 3,500 bank repos in November, December, January and February in the eight-county capital region.

That is roughly equal to the 3,500 new foreclosures in January and February in the region. Banks are obviously still foreclosing on more homes that they are clearing off their books.

To drill a little deeper, about 2,000 of the region's 4,300 closed escrows in January and February were for people buying bank-owned homes. That is almost half of all closings.

The same two months in 2007 showed that of 5,000 closed escrows in the region about 200 involved bank-owned homes.

Think about next year at this time. Will these 2008 repo sales look like the good old days before nearly ALL sales were bank repos?

The information is a mix of numbers from DataQuick Information Systems and foreclosures.com.


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