As a resident in the Sacramento area I find it an unfortunate state of affairs when the real estae forecast shows continued increase in foreclosures for the next 2 years, but that is the general concensus of opinion that I have found after attending a recent conference on the foreclosure market. This prediction has been based primarily upon the many short sales and NOD's that have been filed on homes. Every market is apparently experiencing homes that are going into default and subsequent foreclosure, even the highly affluent neighborhoods in El Dorado Hill and Folsom are just starting to see the signs going up.
What I would like to caution my fellow real estate agents managing these REO properties is to avoid the "Bank Owned" or "Foreclosure" signs on the homes, as that tends to open up the door to vandalism and squatting issues that we've been expeirencing. My team has been managing Foreclosure properties for the last year and some banks are better than others with respect to adhereing to neighborhood CC&R's and maintaining the appearance of the properties. It is our desire and goal to keep our REO properties looking like regular sales, to help property values and reduce the embrassesment of the mortgagor.