homes bank owned

Sacramento is also the seat of Sacramento County. The city is the capital of California and is situated on the banks of the Sacramento River. It ranks as the 7th biggest city in the state. Its name is from the Spanish meaning ‘sacrament’.

California has one of the top states hit by the foreclosure crisis and Sacramento bank owned homes dotting the landscape are nothing unusual considering the times. Bank owned homes are units that have been repossessed by the banks after foreclosure and court auction. There are so many thousands of foreclosure auctions that the houses are not finding buyers. The result is a staggering increase in Sacramento bank owned homes. The banks were not cut out to be landlords. The economic situation has thrust this on them. Consequently they are not being properly able to manage these properties. Sacramento bank owned homes are lying vacant and after being vandalized are running to seed.

According to ForeclosureRadar one out of 2,000 residents of Sacramento County has come under the shadow of foreclosure. But looking at the number of Sacramento bank owned homes it seems that the situation has improved since February. Sacramento County ranks 10th with 2,789 default notices in March. The county noted 1,910 trustee sales and 716 foreclosure auctions in March this year. The default notices increased to a record breaking figure of 54,268 filings showing a 29.3% spike from February 2008. The present pace is 25.8% higher than the previous high touched in April 2008. Trustee sales increased by 20% from the previous year. But it was 15% less than the peak reached in July 2008.

The auction sales slowed down by 41% in March compared to February 2009. This low activity in sales accounts for the increase of Sacramento bank owned homes.

The resentment among the residents has been boiling up since no measure taken by the government has had any palpable impact on the foreclosure victims. This resentment turned into hatred towards taxes, government, state employees and above all Democrats. There was a rally on steps of Sacramento Capitol. About a thousand of mainly White protestors waved flags and shouted slogans targeting Obama. There was not single Afro-American except for the musical performers and no Hispanics either. It was a Republican hate rally in Sacramento fanning the resentment surrounding the increase of Sacramento Bank owned homes.

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