By Alex Lane - As one might expect in our current economic climate, the local statistics on foreclosures are looking grim. There were more than 7,700 new foreclosures in 2008 in the eight-county Sacramento region, which includes Amador, El Dorado, Nevada, Placer, Sacramento, Sutter, Yolo and Yuba counties. That brings the 2008 tally to more than 19,000. Since the beginning of January 2007, more than 29,000 capital-area households that have been displaced by foreclosure. Statewide, the epidemic has reached 79,511 foreclosures in the third quarter. That's more than 190,000 the first nine months of this year - and nearly 275,000 since the beginning of 2007. According to Amador County Assessor Jim Rooney, Amador County hasn’t been hit as hard as some of the surrounding counties and Sacramento. “However, the foreclosures we do see happening are being sold at very low prices, and they are affecting property values as a result,” he said. Rooney said this causes a chain reaction, where values affect assessments, which in turn affect the county as a whole. But Rooney believes that on the upside, this is an ideal time and opportunity for low-income buyers to get a piece of the market.
Monday, 27 October 2008 02:44
Ongoing Foreclosure Crisis Affects Entire County
By Alex Lane - As one might expect in our current economic climate, the local statistics on foreclosures are looking grim. There were more than 7,700 new foreclosures in 2008 in the eight-county Sacramento region, which includes Amador, El Dorado, Nevada, Placer, Sacramento, Sutter, Yolo and Yuba counties. That brings the 2008 tally to more than 19,000. Since the beginning of January 2007, more than 29,000 capital-area households that have been displaced by foreclosure. Statewide, the epidemic has reached 79,511 foreclosures in the third quarter. That's more than 190,000 the first nine months of this year - and nearly 275,000 since the beginning of 2007. According to Amador County Assessor Jim Rooney, Amador County hasn’t been hit as hard as some of the surrounding counties and Sacramento. “However, the foreclosures we do see happening are being sold at very low prices, and they are affecting property values as a result,” he said. Rooney said this causes a chain reaction, where values affect assessments, which in turn affect the county as a whole. But Rooney believes that on the upside, this is an ideal time and opportunity for low-income buyers to get a piece of the market.
