One of the key factors for our market to improve and get back to “normal” is for the oversupply of foreclosure properties to be absorbed. Basically, it’s a messy real estate market out there in the Sacramento Region, and the mess has to be dealt with to move on.
Sacramento MLS allows us to analyze past sales as well as current listings to see how many properties sold as bank-owned or short sales and so on. What about future listings though? How many foreclosures will be coming to the market? Two interesting data sources for this type of information are Realquest and Realist.
RealQuest provides a free service online for anyone to view properties which are in “Pre-foreclosure” (coming soon to the market unless something happens to stop them – loan modification, catch up on payments, legislation, act of God, etc…), “Auction” (you’ve seen the commercials for the auction properties where “there are 2000 properties to sell off and they MUST sell this weekend”), and “Bank-Owned” (yes, the bank has title already).
This is what RealQuest looks like when doing a property search:
Realist is also a service of First American Core Logic and is commonly known as “Tax Records” for Sacramento Metrolist Subscribers (a paid service). Realist has a new “foreclosure activity” search feature that covers the same categories that RealQuest does. But when looking up data in both RealQuest and Realist, there is definitely a difference. Sometimes the data is very similar, but other times the figures are way off. This may be due to the way RealQuest and Realist categorize their information as well as the difference between a free service (RealQuest) and a paid service (Realist). Ultimately there could be a number of factors why the data is so different, but it’s not the purpose of this post to go into depth about that. The real thrust here is to show that there is a new wave of foreclosure properties coming and we ought to be prepared for that. Let’s continue to be full of hope as well as avoid a lifestyle of worrying, but let’s keep an eye on what is going on.
Market Data from RealQuest & Realist:
City of Folsom in Sacramento County
- Preforeclosure Properties: 296 (RealQuest) 186 (Realist)
- Auction Properties: 46 (RealQuest) 79 (Realist)
- Bank-Owned Properties: 158 (RealQuest) 262 (Realist)
City of Citrus Heights in Sacramento County
- Preforeclosure Properties: 309 (RealQuest) 435 (Realist)
- Auction Properties: 57 (RealQuest) 161 (Realist)
- Bank-Owned Properties: 134 (RealQuest) 330 (Realist)
City of Orangevale in Sacramento County
- Preforeclosure Properties: 136 (RealQuest) 145 (Realist)
- Auction Properties: 26 (RealQuest) 45 (Realist)
- Bank-Owned Properties: 126 (RealQuest) 128 (Realist)
City of Rancho Cordova in Sacramento County
- Preforeclosure Properties: 245 (RealQuest) 256 (Realist)
- Auction Properties: 32 (RealQuest) 107 (Realist)
- Bank-Owned Properties: 223 (RealQuest) 298 (Realist)
City of Fairfield in Solano County
- Preforeclosure Properties: 309 (RealQuest) 710 (Realist)
- Auction Properties: 51 (RealQuest) 283 (Realist)
- Bank-Owned Properties: 140 (RealQuest) 745 (Realist)
City of West Sacramento in Yolo County
- Preforeclosure Properties: 232 (RealQuest) 225 (Realist)
- Auction Properties: 109 (RealQuest) 114 (Realist)
- Bank-Owned Properties: 159 (RealQuest) 207 (Realist)
NOTE: The discrepancy in the data above would be very important to research and explain if the data was actually used in an appraisal report or to support value conclusions in any way. It is very important to use the best available data in an appraisal report because solid value must be based upon reliable information.
The data above was really provided as an FYI for those who may be interested. Since RealQuest provides a free service too, go spend a few minutes on their website, see what you can find, and draw your own conclusions about reliability.
If you have any questions or potential appraisal needs, please contact me at 916-595-3735 and www.lundquistcompany.com
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Related posts:
- Quick Data: Antelope Foreclosures & Short Sales
- The Up and Down Dynamic of Foreclosures and Short Sales in Sacramento County
- Comparing Five Months of Unemployment Rates in Sacramento County
- Comparing Four Months of Unemployment Rates in Sacramento County: May-August 2009
- Is there a price difference between REO properties, short sales, and arms-length transactions?
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How many foreclousers in Rancho Cordova in last 8 months?
How will the present waive of foreclousers coming out within the next momth or so affect housing prices in Rancho Cordova area?
Can you keep a place rented during this time in Rancho Cordova Area -
Great questions. I could go back and find out how many properties in MLS sold as foreclosures, but how many properties have actually foreclosed is a bit more difficult to say because many banks, lenders and asset managers do not release foreclosed property to the open market for quite some time. Some properties may sit for 3-6 months easily before they are even listed on the market. There are surely many properties like this right now.
The challenging thing for the local market with coming foreclosures is that prices tend to go down when there are more listings put out on the market (that is, too many listings). Foreclosures are distressed properties and when there is a surplus of supply, in addition to banks wanting to quickly sell off their inventory to cut losses, prices tend to be more aggressive. This is not always the case, but it is seen throughout the market and surely is a factor locally.
Can you keep a house rented? Well, one thing about this market is that there are more and more people who need to rent because they have lost houses due to foreclosure. There is definitely a demand for renting. Additionally, there are many investors purchasing properties in Rancho Cordova right now. It is more and more common to see all-cash deals or a good amount of cash put down. This is often on houses closer to the $100,000 level and not so much the upper end of the market.
The most challenging thing about renting or owning right now is the economy. Keeping jobs and income flowing into the household is a big challenge for many households and will be a factor for people in many different markets.
Let me know if you have further questions.
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The websites you named sounded like a great resource, however I can’t access for free RealQuest as you mentioned. Am I missing something?
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Hi Maria, it looks like Realquest recently changed the look and format of their website. I have updated the post now with the right link so that readers can get to where they need to right away. You can go directly to http://www.realquestinvestor.com/rq/default.aspx to get to where you need. Good luck.
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