Folsom, CA

The beautiful Rainbow Bridge that crosses the American River in Folsom, continues to be used to this day. However, in recent years an additional more modern span was built down stream a few hundred yards to assist the bridge with the daily demands of traffic.

If you have heard of California's Folsom, then you probably became aware of it while listening to a 1956 Johnny Cash song titled, "Folsom Prison Blues."

The rich history surrounding Folsom began in the California Gold Rush days about 1849 or so, and with the arrival of the railroad. Gold had been first discovered along the south bank of the American River in the area. Because of the discovery, rail service became important.

Folsom is conveniently located along Highway 50 about 12 miles east of Sacramento.

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If you are looking for a home in Folsom, take a break, get some exercise and lend a helping hand... Come on out on Thanksgiving morning, walk 5k or run 10k and help make a difference during the holidays. All donations and a portion of proceeds will benefit our local community including Twin Lakes Food Bank and the Never In Our Town Youth Scholarship. Last year over $23,000 was raised! There will also be a food and clothing drive, so look through your pantry and closets.

Last night I delivered the keys to Gina and Scott for their new home in Briggs Ranch, Folsom. They were moving from the Bay Area, away from their families, with 3 under-5 daughters in tow. It was their first home.

Pulling into the cul-de-sac, I spot a man pounding a sign into the corner yard. "Happy 50th Dave... your neighbors". Hmmm. Must be having a party.

Scott and Gina arrived just before dark, after an exhausting day of packing, and a 3 hour drive with 100 lb Duke slobbering in the front of the giant U-Haul. Mom and Dad, brother and sis-in-law were their to help, all prepared to camp our on the floor in sleeping bags after unloading their appearing-larger-by-the-moment U-haul.

The doorbell rings. In come 2 men with a thirteen year old girl. "Hi, we're your new neighbors.... and this is the local babysitter". In their hands is a cooler of beer.

"We have a few hours before Dave's party.... can we help you unolad?"

I nearly melted into tears at the sight. Gina and Scott had been torn about uprooting their family, yet knew it would work out and that they could rebuild a good life in their new neighborhood. I don't think they thought it would happen so fast. These guys stepped up and did such a wonderfully generous, neighborly act. Wow.

I was impressed.

As I left, I hear this... "Come on over to Dave's for a break and have a beer. You can meet your new neighbors."

And that, my friends, is how to build community, and be a good neighbor.

The "New and Improved" Home Buyer Tax Credit has arrived: This time around, the gift from the government is broader, easier to qualify for and is extended to current/repeat home owners. If you are thinking of buying a home, and would like some free money, here is what you need to know: Current Home Owners - $6,500 Tax Credit: If you have owned and lived in a home for at least five consecutive years during any of the last eight years, you could qualify. Even if you sold your home 2 ½ years ago, as long as you were living in that home for five straight years, prior to the sale, you could qualify. You could have sold the home or rented it out, does not matter, as the use of the home after you moved out does not matter. First Time Home Buyers - $8,000 Tax Credit: If you have not owned a home during the past three years, by definition, you are a First Time Home Buyer. Buy a home and you may be eligible for the cash! Fine-print: You must buy a home, or have a binding contract in place by 4/30/2010, you must be over 18 years old, you cannot purchase from a relative and you must stay in the home for three years, or pay the money back. There are other details and income limits, so contact me if you would like to learn more. Speculation is, the breadth of this program will put a bottom in housing.

Home of the Month: I am selling 120 Winterstein Drive in Folsom. 1,472 square feet, 3 beds, 2 full baths, 3-car garage on almost .18 acre lot. This home is a short-sale and will be an amazing deal for the right buyer. Asking $264,000. Call me for details or an appt!

Regional Snapshot: The attempt at a housing recovery in the Sacramento Region continues to bounce along what my well be the bottom. The average home price rose for the 7th consecutive month, with that number having risen 10% since bottoming in March of 2009. Year-over-year (10/08-10/09), the total number of home sales dropped 18%, bank owned home sales dropped 53% and short sales rose by 66%. One of the biggest keys to our region's recovery is happening... More and more short sales are closing escrow!

Folsom: The impact of the original First Time Home Buyer Program's expiration was felt in October. Buyers rushed to get into homes, while sellers fretted about getting their homes sold before the November 30th expiration date of the original program. The good news: Folsom's 70 homes sales were the most we have seen since July of 2008, and year-over-year, home sales rose 10%. The bad news: Folsom's average sales price dropped to $378,000, its lowest level since 2004. Market Direction: Homes sales are up and inventories are tight, but the average dollar per square foot ($180) and the average sales price ($378k) have yet to stabilize.

Folsom, CA REO (BANK OWNED) SALES DATA FOR OCTOBER 2009

This is a continuation two year study of Bank Owned home sales data for Folsom, CA. This report covers REO homes sold in October of 2009.

There were 19 REO homes sold in October, up from 11 in September. That is a 72.8% increase. The days-on-market increased from 20 in October to 27 in September. The primary reason for the increase is that one home that had been on the market for 156 days sold last month, skewing the average days-on-market figure. The fact that 52.7% of the REO homes sold in two weeks or less shows that REO homes are still selling quickly.

The 19 homes sold represent 27.6% of all homes sold in Folsom, within the normal range for this study.

The overall home inventory in Folsom is presently 250, a 3.6 month inventory, down from 4.7 in August, indicating a continuing strong seller's market. At this rate there will be a shortage of available homes very soon. A neutral market is considered a 6 month inventory.

The cost per square foot of REO homes in October decreased to $ 163, down from $ 170 in August. The cost per square foot of all homes sold in October decreased to $ 180, down two dollars from September. Prices are still trending downward but more slowly than in the past few years.

The difference between the cost per square foot of REO properties and the cost per square foot of all properties sold indicates that REO sales represented a 9.4% savings for REO buyers.

The overall sales price for REO homes was 99.5% of the final asking price. In October only 31.6% of the REO homes that sold did so for less than the asking price!

However, the banks are still pricing these homes well and in September there was a seventeen dollar per square foot savings, compared to the cost of all homes sold. That is still a $ 42,500 savings on a 2500 square foot home, something worth considering when selecting a home.

The data follows: