However, Amador County real estate is having its own troubles. Closed Escrows on existing homes this September were down over 38% from one year ago, and the median home price for existing homes in the same period dropped 15.5%, the worst record in 8 counties in the region, according to a Data Quick Information Systems/Sacramento Bee report. The report compared Amador, El Dorado, Nevada, Placer, Sacramento, Sutter, Yolo and Yuba Counties. Amador County builders closed escrow on only 4 new homes in September, down from 12 in September of last year, the worst record in the region with a 66% drop for new home sales. Michael Vasquez, Realtor for Sierra Homes and Properties, agreed that the number of foreclosures were few, statistically but still a potential local problem, since, he said “the longer these Adjustable Rate Mortgages are out there with no increase in property values, the less opportunity there is for people to refinance with any appreciation, which was the idea when they bought the property 2-3 or more years ago.”

We asked Yochheim about possible bargains for buyers -- she indicated that just because a foreclosure exists, that doesn’t mean the buyer will get a deal. Many of these of homes are 100% financed so banks don’t have much room to negotiate a lower price without taking a loss. She also said new loans are much harder to come by – lending institutions have tightened up proof of income and down payment requirements which has pushed some buyers out of the market. Although the housing market is slow and the pool of buyers reduced, Yochheim is very optimistic about the local economy, citing strong employment and a stable retiree community. According to Yochheim, even with fewer sales, the number of days on the market has come down from a high this year of 286, to a current average of 112 days.