12 replies to this topic

[Steve Heard]

I'm a few weeks late, but here are the September numbers for Folsom:

Inventory continues to grow with a total of 304 homes on the market in September. That's the highest in over year.
Due to foreclosures, you ask? No, only about 10%, 34 of them were foreclosures. 99 short-sales. That means there were 171 sellers with actual equity.

Number of properties sold, 50. That's the lowest in over of year, but the number of homes pending sale was 101. The HIGHEST in over a year.

Months of inventory at current pace 6.

So, more people are putting homes on the market as the year draws to a close, which is somewhat unusual as many people pull them from the market for the holidays. We often find, however, the most serious and reasonable sellers are the ones putting their homes on the market at this time of year, so there may be some deals out there.

Average price per square foot climbed slightly to $166. Not significant enough to celebrate or call it a trend.

October numbers will be ready soon.

Any questions?

[Jolene]

In doing a search today, I did notice probably twice as many properties in the search parameters that I have used in the past. Could be the difference in RE sites, though. I was pleasantly surprised at the results.

[Steve Heard]

In doing a search today, I did notice probably twice as many properties in the search parameters that I have used in the past. Could be the difference in RE sites, though. I was pleasantly surprised at the results.

Try my site at wwww.theheardgroup.com. I haven't spruced it up all fancy yet (nor resized the huge headshot), but the search engine takes up to date listings from MLS.

Are you considering moving from Orangevale?

[The Average Joe]

As one who finally lost the last of what was a sizable equity, I can hardly say I'm encouraged. Still, it's all just numbers on paper until you sell. And while I really like it here in Folsom, I am kind of wishing I would have bought a house outright in Frisco, Texas 5 years ago... <sigh>

[Jolene]

Are you considering moving from Orangevale?

I'll run the search on your site and compare it to what the other sites are returning. I like playing.

And yes. More than "considering". As soon as it is possible (meaning, when Jessica is recovered enough for a move), we are planning to move back to Folsom. Never should have moved FROM in the first place. But hey, you live, you learn.

[Robert Giacometti]

As one who finally lost the last of what was a sizable equity, I can hardly say I'm encouraged. Still, it's all just numbers on paper until you sell. And while I really like it here in Folsom, I am kind of wishing I would have bought a house outright in Frisco, Texas 5 years ago... <sigh>

How about Davis? I saw where their values have declined about half as much as those in Folsom. Its no secret they have a City Council that is committed to managed growth policy, so it shouldn't be surprising that Davis will retain their values better than Cities that have rapid growth like Folsom.

Also, when growth doesn't pay for its impacts it creates a future of unfinished projects that will get dump onto to its citizens forcing them to decide between raising taxes to finish projects, not finishing projects or using general fund money to finish projects resulting in cuts to sevices.

I know you understand this looming storm headed our way, but I'm not so sure others have figured this out yet!

[The Average Joe]

I work a lot in Davis, and I could never live there. Despite a lot of "undercover" conservatives, Davis promotes a lot of the ideas that are at the root of our current problems.
And I'm thankful that at least I didn't live in the big 3 growth areas (Roseville, EG, or Natomas)...values have plummeted there...
I love California lifestyle, and, having lived all over the state, I find Folsom to be pretty high on the list of nicest cities to live in. I just find it hard to deal with on a daily basis that our business and political climate is directly opposed to all that I believe in... gotta get the kids through college...then time to load up and move on...

[Robert Giacometti]

I'm a few weeks late, but here are the September numbers for Folsom:

Inventory continues to grow with a total of 304 homes on the market in September. That's the highest in over year.
Due to foreclosures, you ask? No, only about 10%, 34 of them were foreclosures. 99 short-sales. That means there were 171 sellers with actual equity.

Number of properties sold, 50. That's the lowest in over of year, but the number of homes pending sale was 101. The HIGHEST in over a year.

Months of inventory at current pace 6.

So, more people are putting homes on the market as the year draws to a close, which is somewhat unusual as many people pull them from the market for the holidays. We often find, however, the most serious and reasonable sellers are the ones putting their homes on the market at this time of year, so there may be some deals out there.

Average price per square foot climbed slightly to $166. Not significant enough to celebrate or call it a trend.

October numbers will be ready soon.

Any questions?

Thanks for posting this information for us.

In this weeks Telegraph I counted 32 homes scheduled to be foreclosed and sold soon. ( My heart goes out to these families). There doesn't seem to be any declining of this number since the summer, despite stepped up efforts to modify loans. 32 homes in one week equals about 130 homes in a month.

My question is what is happening to these homes? Are they being modified and not foreclosed? ( I pray they are) Are they sold at the Courthouse and not reported through MLS? Are the Banks simply NOT putting them on the market right now for fear of overloading the Market causing prices to decline even further?

Since housing prices are a determined by supply and demand, I can't see any price increase until there is job growth, creating demand. Until Foreclosures decline to below the amount of demand, I can't foresee the amount of inventory decreasing. These 2 factors tell me things are not going to improve anytime soon.

[Darth Lefty]

Steve, on your site, I searched for all the condos in 95630. What am I sorting by if I click "Location"? It's not street name. Is it distance from the post office or something?

[Robert Giacometti]

I work a lot in Davis, and I could never live there. Despite a lot of "undercover" conservatives, Davis promotes a lot of the ideas that are at the root of our current problems.
And I'm thankful that at least I didn't live in the big 3 growth areas (Roseville, EG, or Natomas)...values have plummeted there...
I love California lifestyle, and, having lived all over the state, I find Folsom to be pretty high on the list of nicest cities to live in. I just find it hard to deal with on a daily basis that our business and political climate is directly opposed to all that I believe in... gotta get the kids through college...then time to load up and move on...

The point I was trying to make is that communities that do the best job of managing growth will see more stable and higher realesate values. Folsom is better than some, but there are some that are doing better than us in the region.

What scares me is our gung ho mentality of more growth by our current council. This isn't going to improve things for you n I and everybdoy else on the forum

[Darth Lefty]

Also Steve, the blue on red buttons are kind of hard on the eyes

[Dave Burrell]

Its no secret they have a City Council that is committed to managed growth policy, so it shouldn't be surprising that Davis will retain their values better than Cities that have rapid growth like Folsom.

Also, when growth doesn't pay for its impacts it creates a future of unfinished projects that will get dump onto to its citizens forcing them to decide between raising taxes to finish projects, not finishing projects or using general fund money to finish projects resulting in cuts to sevices.

It's the simple rule of economics - supply and demand set the values.

too much supply = lower values/prices. this is what happens with rapid growth areas as has been noted about Roseville, EG, etc...

I wish Folsom wasn't heading in that same direction with too much development.
I would prefer our town remain smaller instead of trying to compete with and become just like Roseville.

[Steve Heard]

In this weeks Telegraph I counted 32 homes scheduled to be foreclosed and sold soon. ( My heart goes out to these families). There doesn't seem to be any declining of this number since the summer, despite stepped up efforts to modify loans. 32 homes in one week equals about 130 homes in a month.

My question is what is happening to these homes? Are they being modified and not foreclosed? ( I pray they are) Are they sold at the Courthouse and not reported through MLS? Are the Banks simply NOT putting them on the market right now for fear of overloading the Market causing prices to decline even further?

If you are looking at foreclosure filings, or 'notices of default', those are just public notice that the bank intends to sell the property to settle the debt if they are not paid what they owe. They can do it in as little as, I believe, 25 days after filing, or never, if they choose.

If they do foreclose, and someone buys it at the courthouse steps, it will not be reported through MLS because it wasn't sold via MLS. If no one buys it, it reverts back to the bank and they can either put it on the market through a Realtor, hold it for a future sale, or package it with other properties and sell to a major investor.

Yes, they may hold them back so that they don't hurt their paying customers.

Steve, on your site, I searched for all the condos in 95630. What am I sorting by if I click "Location"? It's not street name. Is it distance from the post office or something?

I'll check that out.

Also Steve, the blue on red buttons are kind of hard on the eyes

Woah! I hadn't noticed that. I changed the color scheme for the front page, but did not check out those buttons on the search results. I'll see what I can do. Thank you for pointing it out.