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How Many Bank-Owned Properties Sold in the City of Auburn Last Year?

September 1, 2009 in Market Trends | No comments

025 It always interests me to run data to see how many of the sales in an area or city were bank-owned or short sales over a certan time period. This type of information is just one piece of the puzzle for observing the health of lack thereof in a real estate market. Generally speaking, the lower the rate of foreclosure, the better off it is for the market.

City of Auburn Real Estate Data as of August 28, 2009:

30% of sales over the past year were bank-owned properties
11% of sales over the past year were short sales

It seems unfortunate to think that 3 out of every 10 sales within the city of Auburn were bank-owned properties, but at the same time, when we compare this rate to other places in the region, it’s important to keep things in perspective. For example, the city of Roseville saw 39% of its sales over the past year as bank-owned and 18% as short sales. Rocklin had 36% of its total sales sell as foreclosures and 19% as short sales. Newcastle came in higher at 40% of sales being bank-owned and 16% of sales being short sales (it’s important to keep in mind, however, that there were only 45 sales in Newcastle and less data can skew results). Or at an extreme in the Region as a whole, take the city of Los Banos in the Central Valley. I mentioned in a previous post that 89% of sales over the past year in Los Banos were foreclosures and 4.5% were short sales.

The data above is based on information provided in Sacramento MLS for single family detached residential properties having sold within one year of 08/28/2009.

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