In times when local real estate professionals are struggling to stay positive, the trends are apparently not nearly as bad here as elsewhere.
Zillow recently released data for the Redding area, and dropping values and owners with negative equity are an even bigger problem for the Sacramento region. In the Redding metropolitan area, values dropped 12.6% from 2007 to 2008, but over a five year period still managed to rise 2.9%. This compares with a drops of 18.8% and 2.9% for the Sacramento metropolitan area.
For Redding, on average, only those who purchased in 2006 and 2007 have negative equity, while in Sacramento the majority of those who purchased from 2004 to 2007 do. Last year 76% of Redding houses lost value, in Sacramento, virtually every house (95%) did.
Other distress signals for those in the Sacramento region: The median negative equity for those who purchased in the Sacramento region in 2006 was over $90,000, and the percentage of sales in 2008 which were foreclosures was 39%.
Wonder what the comparable statistics are for Redding?
Spreadsheets with detailed data for Redding, Sacramento and 159 other metropolitan statistical areas are provide by zillow.com here .
