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.
