More bad news for January
January’s weather isn’t the only thing that’s cold, dark and wet. First the retail sales numbers were reported down for the holiday shopping season. Economists said that Christmas shoppers were dismayed with higher gasoline prices. Spending $50 to fill up your tank of gas is enough to dampen any Christmas spirit. Then the new construction numbers were published by the building industry. It was no surprise that home builders were not building as many new homes. New construction dropped 30 percent from last year.
By mid-month the Realtors reported national and statewide resales lagged behind last year. The Labor Department reported that unemployment increased for December and that started everyone talking about a recession. The discussion of the “R” word caused the stock market to drop and then the new foreclosure numbers got reported by Data Quick.
The number of homes that were foreclosed upon by lenders holding a mortgage in Sacramento County increased 482 percent from 1,283 in 2006 to 7,472 during 2007. Placer County had 1,016 foreclosures in 2007 up from the 171 in 2006 and El Dorado County finished the year with 387 foreclosures up from 41 in 2006.
Across the state, foreclosures totaled 31,676 for the fourth quarter of this year and 84,375 for the entire year. In our 8-county region 1,686 homes were foreclosed upon during 2006 and 10,049 homes were lost in foreclosure during 2007.
In light of all the foreclosures, the median sales price for a home in Sacramento fell to $280,000 in December a 28 percent decline from its peak in 2005. Half of all home sales in Sacramento County are bank owned properties.
In addition to the number of foreclosures, the number of homeowners missing their scheduled monthly payments is increasing. Across the state 254,824 default notices were filed with county recorder’s offices during 2007, up from the 104,977 filed in 2006. In the eight-county region 10,101 notices of default were filed in 2006 and 24,787 for 2007. “We’re still climbing to a peak in foreclosure activity,” said Data Quick analyst Andrew LePage. “We don’t even have a sign of the peak.”
I think I will go back to bed, cover my head and wait for spring.
By mid-month the Realtors reported national and statewide resales lagged behind last year. The Labor Department reported that unemployment increased for December and that started everyone talking about a recession. The discussion of the “R” word caused the stock market to drop and then the new foreclosure numbers got reported by Data Quick.
The number of homes that were foreclosed upon by lenders holding a mortgage in Sacramento County increased 482 percent from 1,283 in 2006 to 7,472 during 2007. Placer County had 1,016 foreclosures in 2007 up from the 171 in 2006 and El Dorado County finished the year with 387 foreclosures up from 41 in 2006.
Across the state, foreclosures totaled 31,676 for the fourth quarter of this year and 84,375 for the entire year. In our 8-county region 1,686 homes were foreclosed upon during 2006 and 10,049 homes were lost in foreclosure during 2007.
In light of all the foreclosures, the median sales price for a home in Sacramento fell to $280,000 in December a 28 percent decline from its peak in 2005. Half of all home sales in Sacramento County are bank owned properties.
In addition to the number of foreclosures, the number of homeowners missing their scheduled monthly payments is increasing. Across the state 254,824 default notices were filed with county recorder’s offices during 2007, up from the 104,977 filed in 2006. In the eight-county region 10,101 notices of default were filed in 2006 and 24,787 for 2007. “We’re still climbing to a peak in foreclosure activity,” said Data Quick analyst Andrew LePage. “We don’t even have a sign of the peak.”
I think I will go back to bed, cover my head and wait for spring.
posted by Ken Calhoon at 8:57 AM
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