Home Front

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

May 20, 2009
Short sale heaven (or is it that other place?)
This afternoon I happened to ask Jeff Tarbell of Comstock Mortgage about the proliferation of short sales in the Sacramento region.I have heard it said that 55 percent of all homes on the market that aren't repos are just about the next worst thing -an attempted short sale.

Tarbell led me to the Metrolist Services Website and showed me how to find them. (Look for listings marked AS or ASC).  I am still blown away that almost half or more of everything listed there is a short sale. (That's where the owner hopes to persuade his or her lender to accept a sales price below what's owed on the house - to spare the lender the higher costs of foreclosing on the place. These are also places that take almost forever to close as the bank mulls the offers, and then often rejects them as too low. Or the lender holding the "second" rejects it. Or this all takes three months for them to accept, and by that time the original offer is too high for a house that's lost value the whole time. In other words: real estate nightmare). 

I ran a few searches on the site and tallied some percentages:

  • 46 percent of the 56 homes for sale in Folsom between $200,000 and $300,0000 are short sales. 
  • 55 percent of the 87 homes in Rancho Cordova priced between $200,000 and $300,000 are short sales.
  • 44 percent of the 75 homes in Elk Grove priced between $300,000 and $325,000 are short sales.
  • 56 percent of the 118 homes in Lincoln priced between $200,000 and $250,000 are short sales.

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