Real Estate prices keep falling in Sacramento and other areas
According to a superb article by Matt Woolsey that was reported on the Yahoo online News network,
the real estate market in general and home prices in particular continue to fall in many areas of the country. In Sacramento, California, for example, home sale prices for November of last year fell just under twenty percent over 2006.
However there is some good news for those beleagured residents of the state capital: they will benefit from the executive initiative which is designed to assist homeowners who are facing foreclosure and financial ruin. This particular effort is named “Project Lifeline,” and has been put together by 6
 of the countries’s biggest financial institutions, which service nearly fifty percent of the mortgages in the United States. it essentially permits certain homeowners to suspend proceedings for some thirty critical days while providing them with various forms of refinancing assistance.
The financial companies in question, such as JPMorgan Chase, Bank of America, Countrywide Financial, Citigroup, Washington Mutual plus Wells Fargo state that they will let homeowners know who are ninety days or more past due and try to find some kind of way to make their loans manageable, according to the news report.
ZipRealty, which is a San Francisco real estate tracking company which analyzes multiple listing service data, provided the facts for Matt Woolsey’s superbly informative article.
In the California state capital, about half of all the houses on the market have been reduced in price! That is an amazing percentage, is it not?
Just behind them is the city of Las Vegas, Nevada, where during that same one year time perios prices tumbled about seventeen percent or so. In addition, the number of homes on the market surged by some thirty percent during that same time span likely leading to more problems later on.
Detroit, Michigan finished ninth on the list. They were already a pretty depressed real estate market with a declining manufacturing base (isn’t outsourcing grand).
Florida took spots on the list of the fastest-falling markets, according to the report.
The one sign of good news in these markets is that construction has mostly halted.
All of last year, virtually every real estate market in the entire country had an inventory increase, yet even in Sacramento and Las Vegas, those particular numbers have started to fall, fortunately.