Home Sales Up But So Are Local Foreclosures

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(Sacramento, CA)
Monday, March 23, 2009

The National Association of Realtors says sales of existing homes rose by 5% from January to February – the largest jump since the summer of 2003. They say buyers are taking advantage of deep discounts on foreclosures.

“That’s really a no-brainer. We knew that would happen.”
Heidi Vento is President of the Central Valley Association of Realtors which covers Stockton – the city with one of the country’s most home foreclosures. 

Vento says she’s more interesting in seeing whether the number of foreclosures changes. 

“…because that will impact the prices. Obviously you start getting an over abundance of listings prices tend to drop. We start reducing those listings, prices start to stabilize. So it is good news, it is hopeful. But I think we’re all very cautious in looking at this too.” 

1 in 67 Stockton housing units got a foreclosure filing last month…giving the city the nation’s third highest foreclosure rate.