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Home Front

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

December 18, 2008
More about home sales

    Ah, you pesky readers.

   As a couple of you point out, in response to my earlier post, it's true that the decline in median home prices is due to the huge appetite for discounted bank-owned foreclosure properties. That's the segment of the market where the sales are taking place, and that's why prices keep tumbling.

    About 56 percent of resales last month in California were bank-owned properties, according to DataQuick's Andrew LePage. It was 69 percent in Sacramento - and a whopping 80 percent in San Joaquin County, where foreclosure rates have been off the charts for some time. (It was a mere 10 percent in San Francisco).

     The people I spoke to say upper-end houses remain difficult to sell, especially when sellers are having to compete against the banks' discounts.

 

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