Now 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