In the Sacramento Delta suburbs east of San Francisco – where home prices soared and fell as viciously as anywhere in the country – a housing market rebound is feverishly underway.
A 1,600-square foot rancher listed for $179,000 – after last selling for $425,000 in 2004 – drew multiple offers last month with a high of $210,000 in cash. The topper: The property was a "short sale" whose owner needs lender approval to sell for less than the mortgage owed – and which buyers wouldn't touch just three months ago.
"My phone was ringing off the hook, my voice mail was on overload and people were coming into the office receptionist saying they couldn't reach me," said Christy Howard, a Coldwell Banker Coon and McCreary agent who listed the Antioch house. "Everyone was waiting for the bottom, and the problem is they waited too long, because the bottom has already come and gone."
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Are you seeing signs of the recovery in your own community?