The Rocklin real estate market, found in the Central Valley of California part Sacramento real estate market, is showing signs of slowing and continued trouble. The expiration of the federal tax credit likely played a role in this stumble, and foreclosure rates have also started to increase. According to an August 3, 2010 report from Rocklin and Roseville Today, “Not surprising, according to the National Association of Realtors (NAR), pending home sales are down with near-term sales expected to be lower in comparison to the spring surge when buyers were rushing to take advantage of the home buyer tax credit. Lawrence Yun, NAR chief economist, said lower home sales are expected in the short term. “There could be a couple of additional months of slow home-sales activity before picking up later in the year, provided the job market continues to improve,” he said. “Over the short term, inventory will look high relative to home sales. However, since home prices have come down to fundamentally justifiable levels, there isn’t likely to be any meaningful change to national home values. Some local markets continue to show strengthening prices.” Yun expects mortgage interest rates to remain historically low for the balance of the year, with very modest growth in employment. “We really need to see stronger job creation to have a meaningful recovery in the housing markets,” he added.”
A higher proportion of Rocklin homes for sale are the product of foreclosure, according to a report by KXJZ News. According to the July 19, 2010 piece, “Daren Blomquist is with RealtyTrac. He says Stanislaus, Merced, San Joaquin and Sacramento counties are among the top ten regions with the highest foreclosure totals. The latest figures reflect the first six-months of the year. “…although those counties are showing for the most part decreases in foreclosure activity over the same time period a year ago. If you go down to San Francisco, it’s very low in terms of foreclosure rate. However, the San Francisco foreclosure numbers are actually up 35% from a year ago. So, it’s kind of a mixed bag.” Blomquist says a new wave of foreclosures could be coming, especially if the jobless rate stays high; mortgage-assistance programs end; and the economy doesn't improve fast enough to lift home sales.”