The Sacramento Short Sale market has seen a large growth in total listed Sacramento Short Sale single family homes and pending short sale transactions. The average sq ft has stayed relativley uniform in the recent months and I do not see that will alter in the coming future. The months of inventory presently have taken a immense increase in Sacramento County among Sacramento Short Sale properties. The accompanying information will apply actual statistics taken from Trendgraphix reports.
Sacramento Short Sales are on the climb and I look for this trend to continue as we move forward in 2011-2012. In Sacramento County, Sacramento Short Sale single family homes on the market in January of 2010 comprised 1300 homes listed for sale equated to January of 2011 at 2180 homes. This is a impressive 60% growth in a one year period. Could you imagine if we have the same percentage step-up in the coming twelvemonth period towards January of 2012 ?
The percentage of sold Sacramento Short Sale properties has actually seen a significant decrease from 284 properties sold out of 1300 properties listed in January of 2010. This is compared to 302 sold Short Sale listings out of 2180 listed Short Sale homes in January of 2011. With the potential of mortgage rates increasing we could see this decrease in sales continue through the year. Mortgage rates remain volatile, rates have increased for much of the first quarter but in the last couple of weeks have actually seen a decrease. This is a direct reflection from the continued volatility in the economy in general.
Pending Sacramento County Short Sales have increased in percentage from January 2010 to January of 2011. We have had 469 pending Short Sales in Sacramento in January of 2010, compared to 990 pending Sacramento Short sales in January 2011. The average square foot in Sacramento County remained relatively consistent with an average of $113 in January 2010 compared to $109 a sqaure foot in January 2011. The months of inventory saw vast gains with over 7.2 months of inventory as of January 2011, this is equated to 4.6 months of inventory in January 2010.
There has been some considerable changes take affect since the commencement of 2011 that instantly affect Sacramento Short Sale sellers. The passing of the SB931 law, funding of the new “Keep Your Home California” program coming through, and recent changes to the HAFA program all will affect how Sacramento Short Sales advance in 2011. Also alterations made internally to Short Sale lenders processes have taken affect also. The Equator system, which is out and away the largest short sale portal used by numerous different lenders has seen important improvements. Short sale lenders are beginning to move their processes along in a more effective and sensible manner. Of course this doesn’t come without exception, there are still plenty of lenders that are not specially pleasing to deal with. It is important to work with a Sacramento Short Sale Agent that has seen the processes from various lenders. It is kind of like having a translator that can speak several different languages rather than just one.
The SB 931 law took affect in January of 2011. This new law protects Short Sale sellers from deficiency amounts on a 1st lien purchase money loan. There are criteria in which the borrower must meet, the complete composed law and these criteria are posted on my Sacramento Short Sale Resource website http://shortsale-sacramento.com . As well, financial backing has come through for the brand-new program “Keep Your Home California” this program aids Short Sale sellers with relocation assistance, it also provides aid to those who have fallen behind in their mortgage payments. Naturally there are criteria in which applicants must conform to in order to be provided aid. Also, the lender in which the borrowers mortgage is with must cooperate with the program. This program defined can be found on my website http://shortsale-sacramento.com as well.
For more information on the Sacramento Short Sale Market visit my resource website, Sacramento Short Sale Market Watch To evaluate if a Short Sale will fit your needs please see my Short Sale resource What Is A Short Sale