Foreclosure and mortgage delinquency rates in the 4 county Sacramento region (Sacramento, El Dorado, Placer, Yolo) decreased for the month of April over the same period last year causing decreases in available inventory.
The real estate tracking firm, Core Logic, shows the rate at 2.64%, a decrease of .41% from the April 2011 rate. This is lower than the national rate of 3.41% for April.
The mortgage delinquency rate for loans in the region that were 90 days or more also decreased year over year to 7.13% compared to 9.16% for the same period last year.
Widespread shortages in housing inventories, especially in states that have experienced large price declines since 2006, are reducing the time homes for sale are spending on market, especially move-in ready foreclosures (REO)
REO’s that need no major repairs or renovations to be resold or occupied are increasingly being snapped up, with an average time on the national market of just 10.6 weeks in May, the lowest of any property category, according to the latest results of the monthly survey. The Sacramento region is much less at approximately 5 weeks.