Speaking of foreclosures...
looks like the chickens have come home to roost, at least in the Sacramento area. Home foreclosures there have risen sharply, as many had expected, due to the way people financed their home purchases during the big rise in housing prices over the last few years.
I'm curious how Humboldt home owners are faring in this regard? It seems to me housing sales have slowed quite a bit, but I'm not really in that loop.
As always, for any Sacramento Bee link, you can use humboldtlib as the username and blogspot as the password if asked for a login.
posted by Fred Mangels @ 8:15 AM
6 comments
6 Comments:
I want a list of those foreclosures so I can mail all those folks about my get-rich-quick scheme, and maybe have them join my cult.
Now heres a subject are local billionaire can shed some lights on. He is one Americas foreclosure kings.
Sales have slowed here and some houses have been on the market for over 6 months and price reductions are advertised (Home Magazine).
Seems like the same amount of foreclosures as always but that could change.
I've doing some work on a house on California Street in Eureka that's been for sale.
The neighbor told me the owner bought the house during the house price boom a few years back. According to her he's dropped the price well below what he paid for it and it still won't sell.
Someone I know bought a house in Sacramento last year for $249,000, got transferred and can't sell this home for $199,000-it will most likely go into foreclosure so they can get out from under it.
Can't see how the banks are going to make any money this way either.
Don't waste your tears on the banks or the bankers. If they're even halfway competent, they'll do almost as well when real estate values decline as they do when they rise. Can't think of any local players this might apply to, but it'll come to me.
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