Sacramento Regional Housing Depression Continues

Majority of homes with mortgages in area have negative equity, price drop continues In another sign of continued woes in local real esta...



Majority of homes with mortgages in area have negative equity, price drop continues

In another sign of continued woes in local real estate, Santa Ann Calif. based First American Core Logic reported yesterday that the majority of houses in the greater Sacramento area have negative equity, meaning the loan balance is greater that the current market value of the house.

According to the report there are 257,871, or 51.1 percent of all properties with mortgages are in negative equity a total of 276,834 mortgages, or 54.8 percent are in near negative equity positions.

The report did not break out individual cities in the Sacramento area.

Separately, Irvine, Calif. based RealtyTrac also reported discouraging housing numbers. In July there were 360,149 more foreclosures in California than June, a 6.42 percent increase.

RealtyTrac also reported that year over year foreclosure sales prices dropped 16.9 percent, or $35,605. The average sales price of a foreclosure in July 2009 was $175,503.





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