CA: Glut of Homes
U.S. Census Bureau statistics puts the number at an estimated 2.1 million for October, November and December. That’s the number of homes that were listed for sale throughout the U.S. One place that is experiencing a rather large glut of homes is the Northern San Joaquin Valley. A glut that isn’t just impacting housing prices, but rental prices as well. It also comes as no surprise that forclosure rates are climbing.
One local realtor quoted in an Modbee.com article estimates that more than half the vacant homes on the market are owned by banks that have repossessed them. That appears to be backed up by a January 2007 U.S. Foreclosure Market Report from RealtyTrac.com which shows that Stanislaus and Merced counties have among the highest foreclosure rates in California.