REO homes (foreclosures) lead 65% of Sacramento sales – Developments blog

The Saint Reportsaintblog, Uncategorized0 Comments

reposNow on Saint Blog Roll is Developments, the WSJ.Com blog which tracks the housing market. It reports on an astonishing rise in home foreclosure sales — properties known in the business as Real Estate Owned (REO) homes..

Michael Corkery writes that a whopping 65.5% of 1,654 homes sold by Sacramento, California realtors in May were bank-owned, foreclosed, homes. The median sales price in Sacramento County and the City of West Sacramento May was $230,250, down 34.2% from a year ago. For those non-distressed home sellers, there is little comfort in this sales boom, he notes.

A useful site for foreclosures is www.foreclosure.com

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