Sunday, September 14, 2008

September 2008 Sacramento Housing Inventory by Zip Code

Inventory is down both month-over-month and year-over-year. Compared to last year, there is 25% less single family home inventory on the market. Compared to last month, inventory is down around 3.5%.

One interesting exception of note, inventory in Midtown, Arden, Loomis and East Sac are up a bit over last year.

Inventory was gathered from ZipRealty for single family homes.

1 comment:

Jacob said...

I dunno how accurate this is. There is some shadow inventory out there, I've been hearing around the blogosphere that Wells has 12k homes they are getting ready to dump on Sac.

foreclosure activity is rising and as far as I know, sales are not > new foreclosures. So the only way inventory can decline is that homes are just not on the market.

This could be people realizing they won't be able to sell for what they want and decide to stay put for the long term.

I am sure it also includes people that are gonna wait until prices "recover" next year.

And it is also banks holding back homes, either because they want to control the flow, or they are just at their limit and can only process them so fast.

Lehman Brothers will be filing for BK tonight or tomorrow as a deal to save them could not be made, but a few days ago they had a conf call and revealed that their prime loans were defaulting at a rate of 18%.

As Lehman liquidates it will force other companies to properly mark their assets, so lots or writedowns coming. So I expect credit to continue to tighten. Seller funded downpayments go away in a couple weeks.

I really do hope that the market starts to bottom next year, but just don't see how that is possible.