Signs of Recovery in Sacramento’s Housing Market

May 4th, 2009

By: DAVID STREITFELD, The New York Times, May 4, 2009
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SACRAMENTO — Is this what a bottom looks like? This city was among the first in the nation to fall victim to the real estate collapse. Now it seems to be in the earliest stages of a recovery, a hopeful sign for an economy mired in trouble and anxiety.

Investors and first-time buyers, the traditional harbingers of a housing rebound, are out in force here, competing for bargain-price foreclosures. With sales up 45 percent from last year, the vast backlog of inventory has diminished. Even prices, which have plummeted to levels not seen since the beginning of the decade, show evidence of stabilizing.

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2 Responses to “Signs of Recovery in Sacramento’s Housing Market”

  • Lets hope things turn around throughout the country as well. We’re seeing many first time buyers enter the market, and why not- $8,000 cash back coupled with record low interest rates make it an awesome time to buy for first time buyers.

  • I think we are near the bottom in Sacramento, but there is a lot of shadow inventory out there. The banks have yet to release or foreclose on a lot of homes.

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