Elk Grove CA Real Estate Market Report

The September 2008 Real Estate report for Elk Grove, CA is above showing a break-down of the three major areas in Elk Grove by zip code. Since over 90% of the homes for sale and homes sold are bank owned homes, this report is remarkable with 700 homes selling in 95624, 662 homes sold in 95758 and 847 homes sold in 95757.

The reason why there are so many bank owned homes in Elk Grove is the extreme amount of building that occurred over the past few years. In most cases, builders offer one lender to the new home buyer with very little choice in loan programs. Since prices were at their peak, loan programs were mixed with negative ARMs and fluctuating interest rates, this became a recipe for disaster.

Now, with these same homes that sold for $500,000 being resold in the $200,000 range perhaps we will have new homeowners who can now afford their loans and keep their homes.

The chart above only lists those residential homes in the Sacramento MLS. For further breakdown of a particular neighborhood, just contact me and I will be more than happy to supply that information for you.

Click to view Elk Grove, CA 95624 bank owned homes for sale

Click to view Elk Grove, CA 95758 bank owned homes for sale

Click to view Elk Grove, CA 95757 bank owned homes for sale

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