More than all homes being sold in Solano County are in foreclosure, a real estate industry analysis company said last week.
RealtyTrac of Irvine said its latest figures show that 60 percent of homes being sold in the San Francisco Bay Area’s northernmost county are distressed, a number a company spokesman called “huge.”
“Solano County’s housing market is dominated by foreclosures,” RealtryTrac spokesman Daren Blomquist told the Vallejo Times-Herald newspaper said Jan. 26 following his company’s release of its latest quarterly report.
“At least 60 percent of all being in some form of distress; that’s a huge percentage of sales,” Blomquist said.
But the report did have at least one bright spot for the downturn-weary county: foreclosure sales are beginning to fall, even though they are still well above 2010 figures.
Foreclosure sales fell 10 percent from mid-2011, but still are nearly 20 percent higher than 2010, the report said.
“That says the county isn’t out of the woods and still has a way to go to clear its distressed inventory,” Blomquist said.
“That’s counter to the nationwide trend where those sales are down 5 percent from a year ago.”
Vallejo Realtor Paul Winders, president of the Solano Association of Realtors, told the newspaper that RealtyTrac’s data appears accurate.
“The figures make sense,” he said.
“I think we’re at or near the bottom in pricing — they’re not going up, but I don’t think they’re dropping any more.”
But Blomquist said the average sale price of distressed Solano homes was $179,314, more than 20 percent lower than non-foreclosed properties, an indication that the market still could slip further before it improved.
“The market still appears to be in a downward spiral and the market has yet to find its bottom,” Blomquist said.
“But . . . the Vallejo-Fairfield market will eventually reach the point that the prices are low enough that it will attract buyers and prices will start going back up.”
Nationally, the average sales price of homes in some stage of foreclosure was 34 percent lower than of homes not in foreclosure, the report said.