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Housing Inventory Down Throughout Solano County This Past Week
January 19th, 2009 categories: Benicia, Buying, Fairfield-Gr Valley, Foreclosures / Short Sales, Market Update, Solano, Suisun City, Vacaville, Vallejo
Weekly Housing Inventory Report
Surprisingly, at a time of year when you’d expect housing inventories to 
start rising again, throughout Solano County, every city in our market area saw a decline in active listings compared to the previous week.
That’s an about-face from last week’s report, when Benicia was the only city that saw a drop (and only by a single listing). This week, Suisun City saw its inventory drop by 12.5%, followed by Benicia (-5.7%), Fairfield-Green Valley (-2.8%), Vacaville (-1.6%) and Vallejo (-0.7%).
It’s possible this is just a one-week blip and that we’ll again see inventory increasing in the coming weeks, as normally happens after the first of the year. But the decrease in inventory could also be due to several market factors.
- First off, there’s a double incentive of record-low interest rates and very low prices, which is bringing many new buyers into the marketplace. So new buyers are entering the marketplace much earlier in the year than normal.
- Secondly, Fannie Mae and Freddie Mac suspended foreclosures from late November through the end of January.
So we haven’t seen as many new REO (bank-owned) listings in recent weeks as we otherwise might have without the temporary moratorium on foreclosures. Of course, barring legislation limiting or prohibiting foreclosures after Jan. 31, it’s likely that once February comes, we’ll again see an influx of new REO listings — from properties that otherwise would have hit the market in December or January.
As always, I’ll be keeping an eye on things and will add new posts as trends begin to emerge. To see this week’s report (which also includes the stats from previous weeks), CLICK HERE.
