The Bailout ‘Half-Off’ sale… The Silver lining to Sacramento’s housing cloud
November 25th, 2008 Categories: Mortgage and Loans, Real Estate News, Real Estate Trends, Sacramento Home Buyers
Sacramento Counties median home price has made another breakthrough recently to $195,000. The new median price is 34.9 percent below October 2007 and 49.6 percent below its August 2005 high of $387,000. That is so close to ‘half off’ that we’ll just call it that!
What that statistic represents, though, is that more people can afford a home– according to the California Association of Realtors, the percentage of households that could afford to buy an entry-level home in Sacramento County rose to 71 percent in the third quarter, considerably higher than the 46 percent for last years third quarter.
Some say this is the ‘bailout’ we need. Just let the markets react. Nationwide, we are seeing affordability levels we haven’t seen in at least a decade.
