Sacramento’s Economic Recovery: Poised to take hold in 2009?
December 30th, 2008 Categories: Real Estate News, Real Estate Trends, Sacramento Home Buyers, Sacramento Real Estate
The experts say that Sacramento’s Economic troubles may see an end in 2009 and we could see a recovery, actually spurred by the same housing economy that most say started the mess.
“One bright note is that the (housing) sector that led the economy into this morass is about to turn the corner, perhaps as soon as this summer, and will start to lead us out,” said Scott Anderson, senior economist at Wells Fargo & Co.
With Supply of homes on the market here in the Sacramento area down to just 30% of last years number, (3.9 months vs. 12.2 months of inventory) we may look back on 2008 as the beginning of the and of the Perfect Storm. With the median homes prices dropping as much as 5% per month, mortgage rates as low as they have ever been, it’s easy to see how this could be.
It will be fun to watch how the storm plays out this year…
