"Another Dubious Honor" - DataQuick: Sacramento Median Falls Below $200,000

November 21, 2008

From the Sacramento Bee:

October brought another dubious honor to the Sacramento County real estate market, as median home prices for new and existing homes combined dipped below $200,000 for the first time since April 2002. The symbolic drop — to $195,000 — came exactly one year after the county’s median sales price for the same category fell below $300,000, according to MDA DataQuick statistics released today…[The] median price is 34.9 percent below Oct. 2007 and 49.6 percent below its Aug. 2005 high of $387,000.
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The Sacramento Association of Realtors reported that 73 percent of October sales in Sacramento County and the city of West Sacramento involved bank repos. Alan Wagner, SAR president said the pattern will last “well into the future” because many vacant bank-owned homes have yet to come to market.

From News10:

Many leasing agents can’t understand why there are so many apartment units for rent across Solano County. “We expected to see a high occupancy rate due to the foreclosure crisis, but it never happened,” said Katie Evans, a leasing agent at Riverstone Apartments in Suisun City.
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“Many people might be moving away or losing jobs or moving in with friends or family membvers to save cash,” said Gloria Daskalakis at Dover Park Apartments in Fairfield.

From the AP (via News10):

High foreclosure rates and employee costs are forcing the Northern California city of Rio Vista to consider bankruptcy…[City Manager Hector] De La Rosa says Rio Vista could shut down within the next week….

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