Erin Attardi's Blog

The number of REO (a term for bank-owned / foreclosed property) listings in Sacramento has grown exponentially over the last year.  If ya'll read my blog, you will know that I love stats.  There are some interesting, yet predictable, trends with bank-owned property in Sacramento...

For the new reader of this blog - Sacramento is full of micro-markets.  The mass media doom and gloom has its place in certain micro-markets here, but does not equally affect the entire Sacramento metro area.  I don't want to bore everyone with a reiteration of the same old stuff, so for you folks who want to brush up on 'Erin's Real Estate Principles 101', you can check out some past posts.

Anyway, so let's explore REO inventory trends in Sacramento County.  This first graph illustrates REO inventory for the entire county.  You can notice the obvious upward trend...also take note that it seems that many buyers are taking advantage of this excess inventory and snagging these (note the sold and pending sales). 

Sacramento County REO Listing Inventory

Now let's explore REO inventory trends in Elk Grove...you will see that this second graph illustrates that there has also been an exponential increast in Elk Grove REO property.  If you put this graph side-by-side with the overall Sacramento REO inventory trend, they almost look identical.

Location, location, location! This home is ONE BLOCK from William Land Park on one of Land Park's finest streets. Mostly original, it has 3 bedrooms, 2 full bathrooms, 1,410 square feet, and sits on .17 acres. It is a blank canvas just awaiting your personal touches! Built in 1940, you will love the classic features of this home, including wood floors, detailed arched doorways, coffered ceilings, original doorbell, brick fireplace surrounded by built-in bookshelves, original bathrooms, large living room, and large formal dining room. It also has a 2-car detached garage, a large yard, updated kitchen, central heat & air, and a new composition roof. Offered at $499,000.

For more detail, visit http://www.1135-10thavenue.com/. To view all of my listings, visit http://erin.golyon.com/listings.html.

100% Financing is on its deathbed. I predicted this in a past blog a few months ago (click here), and I hate to say it, but we are returning to the world of a minimum of 3 - 5% down. Speaking with my go-to loan officer the other day, it appears that the zero-down programs of yesterday are all making the migration to 5% down starting on January 15th, which is the end of next week. That's right - if you have not closed escrow on your loan by then, your zero-down program will sunset (no longer be available).

If you meet certain qualifications, you may now be able to qualify for an FHA loan, with a 3% downpayment...There was a Senate Bill earlier this year that was attempting to change the FHA required 3% down to 1.5% down, but I do not believe that went anywhere.

Marlena found one program that offers an 80-20 scenario with pretty decent rates and terms that will not be going away abruptly January 15th, but who knows just how long that program will be available...

If you want to purchase a home with zero down, you'd better act fast - or start saving your pennies. If you want to talk to Marlena Olson with the Vitek Mortgage Group, she can be reached at 916-486-6900.

http://www.erinattardi.com/financing.htm

This wonderful South Land Park Hills home has been impeccably maintained. It has 4 Bedrooms and 2 Bathrooms, 1,550 square feet per assessor, a large .20ac lot, covered patio area, a large deck area, beautiful built-in swimming pool, updated kitchen with tile counters and newer appliances, updated bathrooms, spacious bedrooms, hardwood flooring throughout, recessed lighting, built-in bookshelving and entertainment niche, dual pane windows, plantation shutters, newer composition roof, central heat & air, 2-car attached garage, and more! Close to award-winning schools like Pony Express Elementary School, Caroline Wenzel Elementary School, Sam Brannan Middle School, Merryhill Prep Middle School, John F Kennedy High School, and New Technology High School. Conveniently located near I-5, Hwy-99, I-80, and Hwy-50. Offered at $349,000.  Sale is subject to lender approval.

To view more photos and a virtual tour, visit http://www.1237montevistaway.com/!