South Tahoe real estate posts modest gain
By Ron Trujillo, Sacramento Business Journal
Sacramento-area home prices are climbing off the mat, increasing 12.4 percent from the bottom reached in April 2009, according to a report released Monday.
The four-county region — arguably one of the hardest hit, with an abundance of foreclosures and 35 percent-plus home price declines — had a median-home price of $188,100 in April, compared to the so-called “trough” price of $167,340 a year ago, according to the California Association of Realtors.
However, much of the price increase last month came from Sacramento County, easily the most affected by the downturn, with numerous communities, such as Elk Grove and North Natomas, reporting 50 percent price drops in some neighborhoods.
The Sacramento region had the smallest price increase from the “bottom” of the market in the state, with 40 percent-plus gains in San Francisco and Santa Clara County leading the way.
I’m afraid this story has nothing to do with South Tahoe real estate. This story refers to the Sacramento area.
Steve,
Clearly, you didn’t read the whole story.
It says, “El Dorado — The median home price dipped 6.2 percent to $297,500, with Placerville accounting for the largest drop at almost 14 percent. Only Shingle Springs and South Lake Tahoe could eke out modest gains last month compared to April 2009.”
South Lake Tahoe, being part of El Dorado County, comes under the Sacramento region for a great number of statistical data.
Steve,
Bank failures are up to 72. It looks like by the end of 2010 we will see more than 200 banks fail and perhaps 300. Some, 2,000 are under the control of the Comptroller of the Currency.
Seven million homeowners will lose their homes this year. The second half of the year will be disastrous and we won’t see the end of this until mid-2012, if we are lucky.
El Dorado Doesn’t see us as part their county,can’t you tell.They are going to sue the pants off South Shore.
How can properties in a 2/3 blight town increase in value as in the national average?
Like any consultant, you can pretty much make up any data and dummies will eat from your hand.
Realtors in this town seem to think the free fall in prices have stopped, boy, we are far from that,the economical machine has no parachute.
I have to agree with Steve. So many in Tahoe have this wonderful rosy outlook. Now that the first time buyers program has ended, the amount of sales will probably start dropping off.
If you look at the sales in the past 3 months some people got pretty good even great deals but there is a suprising amount of sales that by from original offer to final closing have people buying houses that they are either already upside down on, or they most likely will be by the end of the year.
Just follow the notice of default filings in the news paper, there are 1 to 7 NEW listings every week. As all these bank owned properties go back on the market and sell below current market value everyones home values will once again start to slide.
Too many people are just walking away and excepting foreclosure, and many don’t understand the long term ramifications they will face.
Many can be helped but again too many try to take this on themselves. Would you rebuild your own transmission on your car? Would you fix your own cavity in your tooth? Quite likely you would seek professional assistance. Since most homeowners have never before attempted to negotiate debt, why should they approach this any differently?
And for those who are upside down, Short sale should be a serious consideration. In comparison to foreclosure, it is the short road to recovery.
There are ways to resolve these situations. Playing the Lotto every week is not one of them.
To all homeowners having mortgage difficulty.. Take positive action!! and do it sooner rather than later.