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What is Slowing the California Housing Recovery?




The California housing market and our local market in the Sacramento area has slowed and is not reaching the earlier predictions of many real estate pundits. 

There appears to be three reasons why our housing market is not booming.  Distressed properties have declined significantly, although improving the job and credit market remains tight, and there are very few first-time buyers.

Although a good thing we have seen a dramatic drop in distressed property sales.  It was not that long ago when it seemed like every listing was a short sale or bank foreclosure.  Last year in July distressed properties made up almost 26 percent of sales.  This year they are down to 17 percent and declining.

Income and credit requirements have not kept pace with the rapid price gains over the past 18-months.  For prices to continue to move up we need to see incomes increase and/or the easing of credit terms.  We keep reading articles about credit getting easier but have yet to see any hard evidence.  The job market in California remains tight despite a brighter employment outlook.

Many first-time home buyers have fallen by the wayside as prices have increased and because of the lack of affordable inventory.  Although prices are not rising as fast this year, almost all metro areas are showing year-over-year price increases.  The current median price of a California home is just over $390,000. 

Until income growth catches up with affordability, the lack of first-time buyers and declining distressed property sales will most likely continue to slow the local and state housing market.

If you have any questions or comments I would love to hear from you.  I can be reached at the MagnumOne Realty office in Roseville (916-899-6571) or by sending an email to juliej@jalone.com.  If you like this kind of information combined with community happenings, like us on Facebook.







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Julie Jalone, wife and mother living in Rocklin, is an experienced professional Realtor ® serving
the Greater Sacramento area including Placer, El Dorado, Yolo and Yuba counties.

Julie may be reached online at www.jalone.com or by calling (916) 276-6883
Check out her daily web blog: Keep it Real in Sacramento

Placer County News Headlines

Roseville 5th Graders Provide Inspiration to PatientsEach month, fifth-grade students from Stoneridge Elementary School's Leadership Club visit Sutter Rehabilitation Institute (SRI) in Roseville to visit patients.

Rocklin Unified's Beleaguered Special Ed Program Seeks ChangeThe Rocklin Unified School District has contracted with WestED to perform a study on its beleaguered Special Education department.

Roseville Charity Hearts that Care Partners with Placer SIUOn December 17th, 2014, The Placer County Special Investigation Unit (SIU), a Placer County Law Enforcement Task Force comprised of State and local Placer County law enforcement

Roseville Crime Report Digest Update (12.19.14)Crime report digest update for Roseville California, December 19, 2014

Food for 400,000 Meals Raised for Placer Food BankThunder Valley Casino Resort and Whitney Oaks Golf Club have collected over 50,000 pounds of food for Placer Food Bank food drive.

Rocklin Man Victim of Elder Abuse and ID TheftLaura Kirkwood, 23 years old of Sacramento, was arrested and booked at the Placer County Jail on suspicion of elder abuse and ID theft of a 74 year old Rocklin man.

Shocking Find in Colfax Storage Unit: Human RemainsA woman called the Placer County Sheriff's Office to report a foul odor coming from an abandoned storage unit that she had just purchased through an auction

Napa Valley's New Year's Eve Bash in CalistogaCome celebrate the New Year with the return of Celebrate! Napa Valley's New Year's Eve Bash on Dec. 31, 2014 at 10 p.m. in Calistoga, Calif.

Murders by Guns Continue Declining, Suicides On RiseWhile the overall death rate from firearm violence has remained unchanged for more than a decade, the patterns for suicide and homicide have changed dramatically

Sutter Health Donates to Placer Food Bank Roseville, Calif., - One in six people in California go hungry, including many in Placer County. To help provide meals for those in need, Sutter Health provided a donation

Nobel Prize Winner to Speak at MIND InstituteThomas C. Sdhof, recipient of the 2013 Nobel Prize in Physiology and Medicine, will address his research on how defects in a 'glue' that binds together proteins at the neuronal synapses may play a role in the etiology of autism spectrum disorder

New Low Down Payment Mortgages: As Low As 3 PercentRoseville Realtor, Julie Jalone of MagnumOne Realty, writes about new low down payment loans being backed by Fannie Mae and Freddie Mac.


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