Atlanta, Georgia - This weeks most viewed question on Trulia Voices come from Fred B., a home buyer from Atlanta, Georgia, who asked - Help! Isn’t this a serious conflict of interest?…..Fred found a home he loved which happened to be an REO, a bank owned home, and contacted Jack & Jill from the listing agency to make an offer. After making an offer, Fred was confronted by what he thought might be a conflict of interest situation - his agent knew of other offers, didn’t share them with him and Jill’s partner Jack, was the sellers agent. Later, we find out that Fred signed a designated agency agreement.

Let’s check out some feedback our community members provided Fred.

Feedback from our Trulia Voices Community

Before we had more clarity on the issue, Lisa Crowder, a real estate agent from Decatur, Georgia asked, “Did you sign a buyer brokerage agreement with this agent, or did she simply help you fill out a purchase agreement for the property?”

Vicky Chrisner, a real estate agent from Dulles, Virginia said, “Here’s how it works… the seller hires a brokerage, who appoints an agent. In some cases, the BROKER and listing agent are the same person. If you do not employ your own, separate BROKER, and instead go through the listing agent, then you don’t have representation, you don’t have an agent. At best, the BROKER can appoint another agent to be your representative - that’s called “designated agency”; or the same agent (or agent team) can work with you either strictly as the seller’s agent (which is what this sounds like) OR under “dual agency” meaning both parties give up true representation. You need to check your paperwork and ask Jill who she represents. You may have a potential for a complaint or even law suit; but first you need to really know the deal.

This is another great example of why you should have your very own agent.”

Then Fred clarified the situation, “Lisa, I signed a purchase and sale agreement that contained a designated agency assignment. “Jill” is supposed to be working exclusively with me as my designated agent and “Jack” is to be working exclusively as the Seller’s designated agent. Is this what you meant?

Deryk Harper, a real estate agent from Alpharettam Georgia said, “You could have used ANY Georgia licensed REALTOR/Broker to represent you and submit this offer to the listing Broker. The listing Broker has a legal responsibility to submit all offers to the Seller…in this case the bank/lender.

The listing Broker also has the responsibility to treat all offers “equally” in a multiple offer situation. In other words if they tell you and your agent that there are multiple offers and ask that you resubmit your highest and best offer within a certain timeframe then they have to give the exact same information to anyone else that has submitted an offer. We are in the middle of 3 multiple offer situations with Buyers that we represent right now. Here is how all three have gone:

1. We submitted an original offer.
2. We were notified IN WRITING that there were multiple offers received on the property and that we had until a certain time…usually 24 hours to notify the listing agent and either
A. Withdraw the offer—some Buyers don’t want to get in a bidding war
B. Keep the original offer in play
C. Change the offer and resubmit
3. We changed the offer and resubmitted
4. We got a message from the listing agent that our new offer had been received in time and would be considered along with the rest.
5. Within a couple of days we were informed, again in writing from the listing agent, that they had chosen to counter one of the other offers and that we would be contacted again if those negotiations did not work out so we could have put our offer back in the mix if we wanted……….”

Hank Miller, an Associate Broker from Atlanta, Georgia and a Trulia PRO said, “There’s no point in rehashing the agency points, those made are on target - bottom line is that Jack & Jill are probably a “team”, the team holds the listing and the seller is their client - you are their customer. You are not represented to the highest level and their loyalty has to be to the seller. They should “do no harm” - nothing illegal or unethical - but they will have the seller’s best interests at heart.

The “issue” with these distressed properties is that often it’s like playing three card Monty. A home can site for a year, you call about it and suddenly there are multiple offers and your “highest and best” is needed ASAP. The other game that is getting very popular is listing for significantly less than they’ll go for and the bidding war starts. Then the old standby – it’s under contract…it fell through…under contract….fell through…all the while it’s listed as active until the last possible second.”

Fred selected real estate agent  and Trulia PRO Bill Eckler from Sarasota Florida for having the Best Answer, “Sometimes the best approach is to be direct and play all your cards.

Jill, I have to tell you I’m more than a little uncomfortable with what has happened recently. These are my concerns. Trust is a big issue for me and from where I stand this is what II see. I’d like to buy this house but I’m not willing to get caught in the middle of some kind of game that is going on here.

Jill’s response should clarify what your next move should be: either “all in” with your best offer, take it or leave it or walk away and look for another opportunity. There are plenty out there.

What do you think they are saying to the other two offers? Essentially, they have or so they are trying to make you think they have, several serious buyers and they are creating a behind the scene promotion to get the highest price for the property.

This is not a comfortable position to be in but this is the process when there are multiple offers. This is one of the reasons banks will post a ridiculously low price on a property….they know it will get the real attention they are seeking.

Unfortunately, this is when the “Great Deal” becomes an “OK Deal”……..Your task here is to determine when it is no longer a deal for you.  Good luck”

My Thoughts

Whether dealing with an REO or not, having a local experienced real estate agent working in your best interests is so important in today’s fast changing market. It’s also crucial to understand the types of agency agreements that exist so you can make the best choice as to which way to proceed. Generally speaking, if you don’t have an exclusive agency relationship with a buyers or sellers agent, you may not have that agent working 100% in your best interest. When you sign an exclusive agency agreement, that agent is now working with you as a fiduciary. Otherwise, you’re pretty much just a customer. As a customer, the agent works with you, not for you. They still have to deal honestly and fairly with you but are loyal to their client - whomever they have a signed exclusive agreement with.

When it comes to making winning offers on a home, having a skilled buyer’s agent to guide you can make all the difference in the world. Buyer’s agents do this for a living. They have a pulse on the market, active and sold listings, and other agents. Having one in a situation like Fred’s can make the offer making/ bidding process less painful. Having a stress free transaction is what we all desire. Have you ever used a buyer’s agent?

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Middleburg, Florida - This weeks most viewed question on Trulia Voices comes from Jennifer, a home seller from Middleburg, Florida. Shes asks, “What do I need to do to sell my home it has been on the market for almost a year?” Lets see what our community had to say.

Thoughts from our Trulia Voices Real Estate Community

Pam Graham, a real estate agent from Jacksonville, Florida said, ” 1. What is the condition of your home? In today’s market buyers have a lot of homes to choose from, so if your home is not in good shape and the price doesn’t reflect that, that can cause very few showings (if it’s noticeable in the photos) or no offers. 2. Location? Are you located next to power lines, backed up to a busy street, next to commercial property? Those could be turn offs to some buyers. 3. Price is pretty much everything. When you want to determine what the value is for your home you need to look at homes that are comparable to yours that has sold in the past 6 months or less. You also need to see what the competition is priced at because that will determine which houses, buyer’s look at. With the amount of inventory out there, the buyer’s will eliminate houses before they even go out to look, if the price is higher than other homes in their criteria. Even though it’s important to know what you owe and price it to be able to pay off your mortgage and closing costs, it isn’t a true picture of value in today’s market.

Scott Godzyk, a real estate agent in New Hampshire says, “Getting your house sold in this market is a mix of the right price and the right agent. You should not have waited 4 months if your agent hadn’t shown anyone your house. that is unacceptable. You first need a current appraisal or BPO showing what your house is worth in today’s market compared to similar properties that have sold in your area. Once you know where you stand on price you can work with an agent to find the right marketing plan for your house. Your house should be advertised every week, your house should be marketed online on the major real estate sites, your broker should be offering a 50/50 co-broke to buyers agents. Good luck with your sale.”

Keith Sorem, a real estate agent from Burbank, California said,”I am very sorry to learn of your situation. The challenge is that when there is more supply than ability to buy, prices fall. Many other homeowners are in the same boat.

There are some key points that will help you:
First, homes are selling. Look at the link below. Over 200 homes have sold recently…the problem is that there are over 700 homes on the market. For a home to sell it’s got to scream value, or buyers will just move on to the next property.

The problem of owing more than the property is worth is very common right now. My recommendation is to have an expert in short sales and foreclosures analyze your situation, look at the local market values, and develop some options for you to consider. One problem with this market is that there are few Realtor’s that have the experience to know how to get a home sold. I would be happy to refer you to an area expert that has a great deal of experience and can walk you through the process so you can decide what the best course of action for you may be.”

Cindi Hagely, a real estate agent from San Ramon, California said, “It all comes down to the three P’s…

Price
Product (your home)
Pitch (the marketing)

I suspect from your comments that the home is overpriced. Who/what are you using to price your home? Are you listening to your Realtor?”

Gene, a home buyer and seller from Bullhead City said, “I am not a real estate agent but I am a buyer and seller of real estate and have been for 40+ years. I buy value. I don’t care what you bought it for; I don’t care what you owe on it; I don’t care if you are getting a divorce and need to sell; I don’t care if you lost your job. Your problems are not my problems. You can get me to buy if the price is low enough. Yes…my attitude sounds outrageously cruel but that’s the way the current real estate market is in many (if not most) parts of our country right now. I don’t care if you sell your house; keep your house; or lose your house. Someone needs to be honest with you…even if the truth hurts. Currently you are competing with many foreclosed homes that are selling for better value (lower price); you are at the mercy of the market. Yes, you can fix your home up, perhaps paint it, increase curb appeal, market it, get another agent, etc etc but in the end, what will sell your house? You know the answer in your heart…but you may not want to face it. The answer is price………..”

“Real estate agent Darren Ahearn from Fredrick, Maryland, said, ” I hear your frustration– I would say that “NOT all agents are the same.” I highly recommend an agent that is CRS certified and can SHOW you a very aggressive marketing plan to help get buyers in the door. If you are priced very competitively (About 7% below CURRENT appraised value) and show like a model home and have no other major defects like location- level lot vs. sloped hill- busy street- etc. then you should be good to get offers in under 120 day market. Buyers don’t want to live in a card board box- they are out there looking for a great deal — the golden rule in any market is- 90% price- 50% location- 50% condition-….”

My Thoughts

This Trulia Voices thread really has some fantastic tips and feedback. Well done everyone.

My tips would be to focus on the aspects of the transaction you can control. The location is already set. So not much we can really do there. The condition of the property may be helped but that really depends on your financial and creative means. It may take time and money to make it stand out. What motivates most buyers is price. You must price it right from the start. Be realistic yet aggressive in today’s market. Time is money and time on the market works against you. Be flexible on the terms and conditions of the deal. Work with a local Real estate agent to get the job done.

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In this weeks most viewed Trulia Voices Q&A post, Mindy from Virginia Beach asks, “Will the house prices in VA Beach go back to 2001-02?” With 21 answers thus far, our community has provided some very insightful feedback to Mindy’s question about home prices in Virginia Beach, Virginia.

Thoughts from our Trulia Voices Real Estate Community

Alvin, a real estate agent from Viginia Beach said, “Hi Mindy, doubt that low…I think we have flat lined, and will now move over to the more traditional/historical gains of 2-5% annually…but of course everyone has their opinions!”

Drew Hitt, a real estate Investor from Virginia Beach says, “Absolutely not. The only way that would be possible would be a complete financial collapse of all the nations banks at once. The government came in and prevented a global collapse here. We’re still not seeing prices of late 2005! At least it depends on what price range you are seeing. Under 250k, you’re sitting pretty. I wouldn’t say you’ll have appreciation, but you’ll be protected for the most part.

Got a house over $275k in Virginia beach and you will probably see a value decrease. Some dropping to 2005 prices, but financing is still low and more affordable housing is still in demand.

Hypothetically if you saw prices drop to 2001 levels while rents stayed high, you wouldn’t see properties for sale, landlords would buy them all up, which would increase demand and inflate prices. So no we will not see 2001 prices……

Real estate agent Timothy Jenkins from Hampton Roads, Virginia said, “The national averages point to prices currently being around summer of 2004 levels. We are still well above that point. Here is how sales price per square foot has trended over the last 7 years in a typical, non-new construction subdivision in Virginia Beach… June 01 - June 02 $76, 02-03 $83, 03-04 $99, 04-05 $128, 05-06 $145, 06-07 $162, 07-08 $15″

Bill Byrd, a real estate agent from Virginia Beach said, “Great question Mindy! That’s a question we actually hear a lot! Prices have already come back quite a bit in most neighborhoods but the truth of the matter is that with lots of inventory, great interest rates and a stable local economy and real estate market locally. This is actually one of the best times to buy that I’ve seen in 21 years in the bz!

The smart money out there is taking advantage of this “move up” market and trading up! What do they say in the stock market “buy on the dips”…well…we’ve got a dip!

Regarding the declining market, we have been in the current shift since August 05 and according to my sources in the mortgage industry we have already seen the worst of the resetting loans here in fact I have been told that Fannie Mae and Freddie Mac have had VB off the “declining market” status for some time now!”

Jim Dunio, a real estate Agent from Chesapeake, Virginia said, “First let me say I am an optimist and see the glass as half full.There are more positives than negatives in the market. Interest rates are still good,Supply is good,prices of homes are down,Sellers are making concessions (closing costs,repairs,warranties,etc.),The government is offering 1st time home buyers a $7,500.00 tax break.”

Lori Jeltema, a real estate agent from Yorktown, Virginia said, “2001? No, I don’t think so. Take a neighborhood in VABCH and look at sales from 2001. The prices had nearly doubled in some by 2005. At that point, the market should have slowed to a normal growth but didn’t. If prices went back to 2001, the homes that are on the market for $300 now would be closing at $125.”

 My Thoughts

There are many opportunities out there today for home buyers and home sellers are adjusting to the local market conditions. With all that is happening in the current housing and financial markets, there is no better time than now to use a local real estate agent to help guide you through the home buying or home selling process. As illustrated by many of the answers given, local agents have their pulse on the Virginia Beach real estate market.

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This weeks Trulia Voices most viewed question comes from Randy, a home buyer in Miami, Florida where he asks, “How Low Can I go?“. He found a foreclosure property that he loves but doesn’t know what to offer and is having a hard time getting in contact with the real estate agent. What should he do?

Thoughts from our Trulia Voices Real Estate Community

 Tony Croft, a full service mortgage banker from Edgewater, New Jersey said, “Find an agent you can trust that will help you write an offer on the property.”

Ed Fitch, a real estate Broker/Owner in San Jose, California, says, “The bank or their Asset Manager is looking at numbers only. You can usually expect a 10% leway depending on the institution, location of the property, and the listing strategy.”

Joe Jackson, a real estate agent in Worthington, Ohio, said, “1. Hire an agent to represent you! An agent who doesn’t show up in this market is not worth keeping! 2. How will you know the market has bottomed out? When the prices start to go up! 3. Make an infomred offer 10% +- below list and see what haapens. 4. Have a home inspection contingency and make sure the house is checked out top to bottom. Hire a professional inspectort that is either NASI or ASHI certified. Good luck it’s a GREAT time to buy!”

J. Douglas Montgomery, a real estate agent from Douglaston, New York said, “Randy, the most important concept for you to understand is that there are buyers agents and sellers agents. I would strongly suggest that you hire a buyers agent to represent you. There is a fee involved but a portion of that can be paid as part of the cooperating broker commission in the transaction, especially if the property is listed in MLS. The CBR representation is national, you can go to their website and look for someone who has taken the training. Also ask for references. A buyers agent has a fiduciary responsibility to you as the buyer and therefore will tend to be much more thorough finding out information on any house or neighborhood for you and your family.”

David Kim, a real estate agent from Edgewater, New Jersey said, ‘Here’s one techique to know what is a good price (where’s the bottom). For my home, comparable homes built in 2001 were sold for around $350k. This was a year or two before the market started to explode. I feel comfortable that homes will not dip below that amount. You should see what your home would’ve sold for in 2001/2002 and if it’s almost down that low, you will be safe. 2003-2004 prices would be cutting it close and 2005-2006 prices would be unrealistic to consider buying.

Now, as for how low you can go… It’s more important to say how HIGH can YOU afford to go. When purchasing out home, we decided on what rental values were, what we needed in a house and what we were willing to pay per month regardless of market value. The following should help you make this decision.”

My Thoughts:

Simple - Use a real estate professional to help guide you through the intricacies of the foreclosure home buying process.

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Christine, a home seller from Fort Myers Florida had last weeks most viewed thread on Trulia Voices Q&A - We need serious help only! Please don’t answer this question unless you seriously want to HELP! She can’t afford to pay her mortgage and is looking for options to avoid foreclosure. She is considering paying a company $1,000 to help her “Walk Away from your Home.” Our Trulia Voices Real Estate Community has provided some great advice and options for Christine. Let’s check it out.

Thoughts from our Trulia Voices Real Estate Community

Phil Fowler, a real estate agent in Tampa, Florida was to first person to respond, “I am sorry to hear about your situation. Have you called FLASH? Florida Attorneys Saving Homes HOTLINE: 866.607.218″

Elvis, A.K.A. Alan May, is a real estate agent from  Evanston, Illinois who says, “In general, the companies that advertise “Walk Away from your home”, and require you to pay them anything to help, are primarily scams. If you’re in the position where you’re ready to walk away from your home, you need to talk to a Real Estate Attorney. Spend you money there… do not buy into those websites.”

Real estate agent Tom Bernardo from Fort Myers, Florida says, “I am sorry for your frustration. I do deal with and help many people in your unfortunate circumstances. A short sale, we help you get your house sold and your bank forgives the difference. There are some credit issues for you in this method, but not as bad as a foreclosure.”

Nancy Doyle, a real estate agent from Cape Coral Florida says,”Phil was right in calling FLASH first. I was shocked to find that banks do not like doing deed in Lieu; but as you have found they don’t. Contact a local attorney…..”

Caroline York is a real estate agent from St. Petersburg, Florida who said, “Since you want to proceed with a Deed in Lieu then I recommend you spend the $1000 on a real estate attorney that will negotiate this action with your lender. Please read the following information provided by Wikipedia that clearly explains the process.”

Deborah Madey, a real estate Broker from Rumson, New Jersey says, “If you are unable to work out a plan with your bank, you have the following options: 1) Deed in lieu - You said you didn’t want to do this. 2) Sell (Maybe a short sale) - You will need a Realtor experienced with short sale negotiations. 3) Bankruptcy with a repayment plan that will allow you to keep your home. You will have to qualify and need to speak with an attorney.  4) Stay in your home until it forecloses.”

Sylvia Barry, a real estate agent from Marin, California says, “My suggestion is to find a Realtor who is experience in short sale and who wants to do short sale to help you. My current short sale client explored various options before deciding on short sale, include in lieu of foreclosure . Both walk away, in lieu of foreclosure have more negative effect on your credit rating than short sale.”

Christine selected real estate agent Janice Qualls’s answer as the best - “1-888-995-HOPE (4673) I believe if you will call this number, you will get serious help You can also go to http://www.HopeNow.com and get information to help you move forward. You may even be able to find a way to re-finance, if that would help. God Bless you and your family.”

My Thoughts:

Unfortunately, there are many homeowners in the United States today who face foreclosure. As our community members pointed out, depending on their specific situation, homeowners have a variety of choices. Although some choices may not be  ideal, what’s important is that if you are in this situation, to please make sure and call your lender and local real estate agent. Have a conversation about all of your options. Understand the ramifications of each option. Then make the call on what works for you. We wish everyone in this situation all the best.

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com·mu·ni·ty - a unified body of individuals ~ Merriam Webster

Our Trulia Voices Community has been growing at a rapid pace and with the recent addition of Trulia Blogs, we have many new faces on Trulia. This is a wonderful thing and we welcome everyone. At the same time, we, along with many community members, have felt that we needed a dedicated Voice within the community to connect with our members on a more personal level. Someone who would be there to welcome you. Someone who could offer you advice and tips on how to best make the most of your participation in Trulia Voices.

So today, we proudly announce our new Trulia Voices Community Manager - Frances Flynn Thorsen. Frances has written a welcome bog post that will give you the inside scoop about her and her professional real estate background. I hope everyone is as excited as we are.

So please, join us by welcoming Frances to the Community - Welcome Frances!

I also believe that it’s almost impossible for people to change alone. We need to join with others who will push us in our thinking and challenge us to do things we didn’t believe ourselves capable of ~ Frances Moore Lappe

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On the ‘Surviving the Housing Crisis’ resource center, you can find what the Trulia Voices community is saying about the current Market, ask for advice from the experts and blog about your personal thoughts and experiences. It is yet another way to bring closer together people with the same interests, expertise, and concerns.

Visit the Surviving the Housing Crisis Resource Center to be up to date on the latest developments and get advice on how to manage by the experts.

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To celebrate the recent launch of Trulia Blogs and Trulia Mobile, we’re hosting a Hidden Gems blog contest and the winner gets a free Dash Express GPS device!

Everyone has their favorite local secret spots. Why not share them on your Trulia blog and enter to win a super-sweet prize? You can blog about anything that’s not-well-known in your area: a restaurant, your dry cleaner, a local park, a hidden shoe store, anything! The best post will win the contest and the prize - a brand new Dash Express GPS device.

The Dash is great GPS device and we’re really happy to work with the Dash team. Our new Trulia in your car product is built for the Dash and helps you find real estate listings when you’re out and about.

To kick off the contest, check out this great post from Vicky about her favorite local restaurant (note: Vicky is not eligible to win the contest ).

The contest is open until October 11th and you can enter as many times as you like. You can find all the details, including how to enter, on the Hidden Gems contest page.

Happy Blogging!

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Image via True Gotham

Have you ever heard the term House Rich and Cash Poor? If you own a McMansion, but have no furniture and eat Ramen noodles every night, you might be house rich and cash poor. Generally, it means you financially overextended yourself. Andy, a home buyer from Alpharetta, Georgia, asked this weeks top viewed question on Trulia Voices - “Our combined income is around $121k a year. Are we being unrealistic looking at homes priced close to $500k?” By asking our real estate community for advice, Andy has taken a proactive measure to assist him in making a very important home buying decision. One that will hopefully help him and his wife live comfortably within their means.

Feedback from our Trulia Voices Community

Jeff Mitchell, a real estate agent from Vero Beach, Florida, says, “A fairly conventional guideline is that your home payment costs including taxes and insurance should not exceed 30 to 33% of income. You should also have some savings in place in addition to your down payment and closing costs to be on the safe side. The recommended savings is about 6 months of living expenses. If you have been pre-approved with a reliable mortgage lender, your finances are probably in good shape.”

Joshua Jarvis, a real estate agent from Atlanta, Georgia said, “It’s about your budget. What can you afford per month… and what does that translate into a home.  Get your budget straight is only the first step. Getting a plan and strategy together is your second step. You need to plan on how long you will live there, what is your equity strategy (how much will you put down) and what is your exit strategy… i.e. Rental, resale… ect.”

Real estate agent Hank Miller from Georgia, said,”Your lender and your agent can work up what the expected monthly carrying cost of a home can be. Budget that with your other expenses; add a few percent for the unexpected and you’ll get an idea of what you can afford. Obviously at that point you need to start checking inventory, then hopefully find something that matches. Don’t buy a home to get rich, buy a home to have a rich life and enjoyTrulia Blog - Real Estate Search › Edit — WordPress the benefits that come with owning your home.”

Lee Adkins, a real estate agent from Alpharetta, Georgia said, “If you are not working with an agent yet, you should talk to the guys here on Trulia (you can click on their pictures for direct contact info) and/or ask for referrals from friends who have had good, direct experiences with particular agents. I would recommend interviewing more than one agent to find the one who best suits you and understands your goals.”

Ty Davis, a home buyer in Atlanta, Georgia said,”Although many people will probably disagree with this, most people who know a thing or two about finance will say that you should spend between 2-3x your annual income on a home. Actually, one person said you should spend about 30% of your net monthly income on a payment, which ends up being in the 2.75x range. I personally believe this to be a wee high, but that’s just my opinion.”

Jenifer Bowman, a real estate agent from Atlanta, Georgia said, “Personally, I always tell my clients to go for a house that is less than they were approved for. Approved numbers are in a perfect world.”

Andy followed up in the thread and said, “Wow what a bunch of great responses!!! Definitely some things for my wife and I to think about. We already have an excellent Realtor that we’re working with. Unfortunately, we keep seeing the same houses for sale week after week with very few new ones coming onto the market.”

My Thoughts

As a home buyer, Andy is doing his homework. Our voices community is providing some valuable answers. It’s another healthy conversation.

Today’s unique local market conditions dictate that home buyers complete their due diligence about the local housing market, their own financial standing and their purchasing power. A knowledgeable local real estate agent and mortgage broker can help home buyers make the best informed home buying decisions. As you can see, we have some great ones right here on Trulia Voices.

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Please welcome our newest guest real estate blogger - Jim Walker

From the Sacramento region comes the news that foreclosures are still way high and prices are still way low. Those low prices are stimulating a high sales volume.

Here in the sales trenches we make offer after offer after offer to be told that there are ten other offers on a property - that several of them are all cash and that several are over the price.

Armed with Dataquick numbers, Sacramento Bee reporter Jim Wasserman reported that Sacramento County’s 2,053 existing home sales in June were the highest since October 2005. Sales of new and existing homes combined reached a two-year high - up 45.7 percent from June 2007!  The mini-boom continued in July with 4,126 sales in the entire Sacramento region.

Some of the worst hit zips in terms of price devaluation are now being picked over voraciously by bottom feeders. Del Paso Heights in ZIP code 95838 lost 45.7% in median price from June 07 to June 08 - amazing considering that by June 07 the bubble had already burst over a year earlier and was lying on the ground.  But since real estate is usually not a one year investment, a look at the sales and median value from Trulia in ZIP code 95838 for over 4 years:

As prices decline, we can see in the chart that in Del Paso Heights the number of sales is soaring – and it’s the same for the rest of the Sacramento region.  Is this summer’s high sales a mini boom in the picked over discount aisle, or just a dead cat bounce?

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