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Tue, 09 Mar 2010 11:08:05 PST
California legislators vote to extend tax relief for home short sales :
<p>Legislation to prevent the state from taxing forgiven mortgage debt cleared the state Assembly early Monday, offering potential tax relief to thousands of Californians who lost their homes in 2009.</p>
<p>"The feds don't do it and we're not going to do it, either," Assemblyman Charles Calderon, D-Montebello, said Monday before a 47-27 vote that sent the measure to Gov. Arnold Schwarzenegger.</p>
<p>Schwarzenegger's office signaled later that he may veto the measure. The governor opposes an unrelated provision in SBX8 32 concerning tax refunds sought by corporations.</p>
<p>"Our position hasn't changed," said Schwarzenegger spokesman Mike Naple.</p>
<p>The Assembly vote ratified earlier state Senate approval of a measure that aligns many California tax codes with those of the federal government. One clause would eliminate state tax penalties for those who received loan modifications last year or did short sales. In loan modifications, lenders sometimes forgive a few months of payments. In short sales, they agree to sales prices below what they're owed to avoid foreclosing. The differences in both are considered forgiven debt for the homeowner and typically taxed as extra income.</p>
<p>Vacaville homeowner Mark Mosley said Monday he received a $21,000 tax bill last week for a $59,000 loan modification he received in 2009. He said his lender notified him he owes $13,000 to the federal government and $9,000 to the state.</p>
<p>It's almost certain, however, that Mosley doesn't owe federal taxes. The federal government has banned the IRS from taxing forgiven mortgage debt through the end of 2012. The state government had similar bans in place for the 2007 and 2008 tax years. But it hasn't yet extended the ban to the 2009 tax year.</p>
<p>While every homeowner's case can be different, typically those who live in the homes they own can avoid being taxed for forgiven debt. Lawmakers called it a fairness issue Monday, arguing that people having mortgage hardships shouldn't also get hit with a big state tax bill.</p>
<p>"We should provide relief to those who are struggling and at risk of losing their homes," said Assemblywoman Mariko Yamada, D-Davis.</p>
<p>Schwarzenegger opposes a clause that penalizes businesses for seeking some tax refunds. Businesses say it's often hard to calculate what they owe the state, and thus, overpay to avoid stiff penalties. But Democrats say some companies unfairly seek state tax refunds that they aren't owed.</p>
Tue, 09 Mar 2010 11:08:05 PST
California tax law unsettled on home sellers' short sales :
<p>Sacramento-area accountants say rising numbers of taxpayers who did short sales or received loan modifications in 2009 now fear they'll be walloped anew by a cash-starved state government intent on taxing their forgiven debt.</p>
<p>It's impossible to ease the fears or specifically answer many questions, these accountants say.</p>
<p>"We've had quite a few clients fall into that category," said Jennifer Neronde, office manager at Rocklin-based Cramer and Associates CPA.</p>
<p>Uncertainty reigns with less than six weeks before the April 15 filing deadline because the forgiven debt question has gotten caught up in a larger tussle over business taxes between the Legislature and Gov. Arnold Schwarzenegger.</p>
<p>It's headed for a Capitol showdown next week.</p>
<p>Monday, the Assembly is scheduled to vote on SB32 X8, a bill by Sen. Lois Wolk, D-Davis, that would ban the state from taxing mortgage debt forgiven in 2009.</p>
<p>But Schwarzenegger is threatening to veto the bill over an obscure clause opposed by business groups. That clause establishes new tax penalties on firms that file unfounded claims for refunds. Business associations believe it will unfairly punish them for tax withholding decisions they claim are difficult to calculate. The clause, along with forgiven mortgage debt, is among dozens in the bill to align California's tax codes with federal codes.</p>
<p>The governor wants the business penalty provisions stripped from the bill, said his spokesman Mike Naple.</p>
<p>"The governor would prefer that the provision be taken out of the bill and addressed in separate legislation," Naple said.</p>
<p>The state gave homeowners who occupied their homes a pass on forgiven mortgage debt in 2007 and 2008. The federal government, meanwhile, has backed off on taxing forgiven mortgage debt through the end of 2012. In the past, both branches of government treated forgiven debt as taxable income. </p>
<p>In a short sale, for instance, a lender might accept a sales price of $200,000 on a home where it's owed $325,000. The $125,000 left unpaid is classified as forgiven debt, which used to qualify as new taxable income. The Bush administration, backed by the real estate industry, blocked the IRS from taxing forgiven debt in 2007. It's a temporary measure to encourage borrowers to call lenders and negotiate alternatives to foreclosure.</p>
<p>In many cases, borrowers try short sales after they fail to get loan modifications, say real estate agents like Larry Henderson, of Prudential Norcal Realty in Carmichael. He said he gets frequent questions about the complicated tax implications of short sales.</p>
<p>"I make it clear to my clients they should talk with a lawyer or a CPA," he said.</p>
Sun, 28 Feb 2010 15:54:11 PST
Sacramento planners recommend approval of Curtis Park railyard plan :
<p>A plan for a controversial 72-acre housing and commercial development on an old railyard near Sacramento City College was recommended for approval Thursday night by the Sacramento City Planning Commission after a marathon hearing.</p>
<p>In an 8-0 vote, the commission adopted a master plan for Curtis Park Village, which encompasses 522 homes and 259,000 square feet of commercial space, and forwarded it to the City Council for approval. The council is expected to consider the plan at an April 1 hearing.</p>
<p>"I am not rejoicing," said developer Paul Petrovich, who has shepherded his multimillion-dollar project through years of public scrutiny and debate. "I have my work cut out for me."</p>
<p>The master plan submitted by Petrovich is largely consistent with the city's general plan for the area, said Greg Bitter, principal planner for the city. After a five-hour hearing, the commission recommended a plot of senior housing be shifted to the east side of the property, he said.</p>
<p>Petrovich and some residents in adjacent Curtis Park have butted heads over the project, which would replace what is now an abandoned, toxic gash of land where locomotives once were repaired.</p>
<p>Some of the nearby neighbors, led by the Sierra Curtis Neighborhood Association, have battled with Petrovich, contending the design is too suburban because it caters to automobiles and features too much commercial space.</p>
<p>Petrovich, who has developed urban and suburban projects all over the Sacramento region, said he has made repeated concessions in the design, such as shifting roads. But he cannot cut commercial space – the revenue generator in a development – and make the $200 million project pencil out, he has said.</p>
<p>For one, his cost to clean up the toxic railyard has escalated since he bought the land in 2004.</p>
<p>Rosanna Herber, president of the Sierra Curtis Neighborhood Association, said the group would present its concerns to the council.</p>
<p>"We believe the council will be more amenable to changes, like a street grid in the development," she said.</p>
<p>The commission did make some changes in response to neighbors who want a pedestrian-friendly development, she said.</p>
<p>"But there needs to be additional things that need to happen," she said.</p>
<p>Her group, despite prolonged debates with Petrovich, is not opposed to developing the site, she said.</p>
<p>"We absolutely want to see it developed. It's a key infill parcel at the heart of the city," she said.</p>
Sat, 27 Feb 2010 00:00:00 PST
Hundreds seek mortgage relief at workshop :
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<a href="http://www.sacbee.com/2010/02/27/2568841/hundreds-seek-mortgage-relief.html?mi_rss=Real%20Estate"><img src="http://media.sacbee.com/smedia/2010/02/26/18/6B27FORCLOSURE.highlight.prod_affiliate.4.JPG" height="129" width="180" border="0"/></a>
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Bob Tull of Cool, right, talks with bank representative Kris Caya about his mortgage Friday at the Sacramento Convention Center. Hundreds of homeowners attended the eight-hour event in hopes of obtaining mortgage relief, or at least making progress.</blockquote><p>Hundreds of area homeowners poured into the Sacramento Convention Center on Friday with tales of financial distress, worry, fear and anger.</p>
<p>They were looking for hope at an eight-hour foreclosure prevention workshop matching up borrowers with more than a dozen mortgage lenders and nonprofit home loan counselors.</p>
<p>About 300 people were in line when the doors opened at 12:45 p.m. Some cradled stacks of home and loan documents in their arms; others dragged small carry-on bags behind them.</p>
<p>One of those in line, Peggy Tripp, said, "I just don't know who else to turn to. Nobody else will talk with me. So I'm hoping I can get some satisfaction here today."</p>
<p>Tripp, a mother of three, said she has no financial reserves remaining to save her home.</p>
<p>Mary Pendleton, who said she lives in the Rosemont area east of downtown Sacramento, said she has been struggling to make a $2,200-a-month payment "for a long time, long before all this began. We don't have any savings left."</p>
<p>Bob Tull of the El Dorado County community of Cool said he was hoping to get his nearly $3,000-a-month payment modified, having "burned through about all I have." Tull said he worked more than 30 years as a contractor, and now he's delivering mail to help out.</p>
<p>Several attendees openly expressed anger.</p>
<p>One man randomly told passers-by that he had been "scammed" by his bank. Another carried a small, handmade sign that read, "Why bail out banks when they won't bail out us?"</p>
<p>Lenders attending Friday's gathering included Bank of America, Wells Fargo, JPMorgan Chase, Citi, GMAC, HomEq, PNC, Select Portfolio, Saxon, Suntrust and Ocwen.</p>
<p>Workshop organizers said lenders mailed invitations to borrowers, but Jonelle Smith of Sacramento said she showed up with home loan documents "because a friend of mine told me this was going on. … I'm hoping to get some help from somebody, anybody."</p>
<p>A couple of hours later, a disconsolate Smith walked away, saying, "I couldn't get help today."</p>
<p>The workshop was a repeat of a December 2008 convention center event that attracted more than 1,000 area borrowers to visit with representatives of 19 lenders. Back then, some borrowers reported help on the spot and others remained frustrated.</p>
<p>Friday's event was a collaboration that included the U.S. Treasury, the U.S. Department of Housing and Urban Development, the Obama administration's Making Home Affordable program, the Hope Now Alliance and NeighborWorks America.</p>
<p>The Hope Now Alliance includes counselors, mortgage companies, investors and other mortgage market participants that help homeowners who may not be able to pay their mortgages. NeighborWorks America is a national nonprofit organization created by Congress to provide financial support, technical assistance and training for community-based revitalization efforts. Both are based in Washington, D.C.</p>
<p>Andrea Risotto, a spokeswoman with the U.S. Treasury Homeownership Preservation Office, said she was hopeful some attendees could get loan modifications on-site or within a short amount of time.</p>
<p>"It's also important that they've come here to get help … bring their paperwork and start that process," she added. "I know that some (attendees) have not talked to their lender … so just getting their foot in the door is a start."</p>
<p>Risotto said some homeowners who attended Friday's workshop but need follow-up visits with paperwork or other issues will be asked to return today for additional help.</p>
<p>Eric Selk, director of outreach with the Hope Now Alliance, said organizers also were warning homeowners to avoid people seeking payment to rework loans or modify foreclosures.</p>
<p>"We know that's been happening in California," he said. "… There are unscrupulous operators out there. The (services) here are free."</p>
<p>Friday's workshop commenced amid some progress.</p>
<p>The U.S. Treasury said mortgage lenders permanently modified 116,297 home loans nationwide in January, far exceeding 66,465 in December and 31,382 in November. About 20 percent of the January modifications were in California.</p>
<p>The federal government and various agencies are encouraging lenders to reach out to distressed homeowners, particularly in California, where the real estate crisis has had a profound impact.</p>
<p>The California Association of Realtors said this week that 67 percent of all home sellers in California in 2009 did so as a result of difficulties related to meeting their mortgage obligations.</p>
Fri, 26 Feb 2010 00:00:00 PST
Dorothea Puente's former home up for sale :
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<a href="http://www.sacbee.com/2010/02/26/2566271/dorothea-puentes-house-up-for.html?mi_rss=Real%20Estate"><img src="http://media.sacbee.com/smedia/2010/02/25/20/5M26PUENTE.highlight.prod_affiliate.4.JPG" height="119" width="180" border="0"/></a>
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An unassuming Victorian in midtown Sacramento gives little indication that it was the site of a notorious Sacramento
crime case, in which seven elderly tenants were found buried in the yard in 1988.</blockquote><p>The Mansion Flats home where police unearthed the bodies of seven people who were under the care of convicted serial killer Dorothea Puente is on the market.</p>
<p>A "for sale" sign went up Wednesday in front of the vacant 1930 two-story tan Victorian with navy and white trim at 1426 F St. Realtor Andrew Chechourka is waiting for Bank of America to determine a price and give him the go-ahead to officially list the property.</p>
<p>"It's a duplex, so it's good for an investor," Chechourka said. "It's ready for move-in."</p>
<p>The 1,834-square-foot house with detailed woodwork and a carpet of clover taking over the small patch of front lawn offers little clue to the property's sordid past.</p>
<p>Puente first rented the top floor in 1980, but left in 1982 to serve time for drugging, then stealing checks and valuables from the elderly. She returned to the home in 1985, renting both floors, and took in disabled tenants. Bodies were first discovered in 1988.</p>
<p>Puente was charged with nine murders, convicted of three, and is living her life in the Central California Women's Facility near Chowchilla. She maintains the victims all died of natural causes.</p>
<p>The home was sold by then-owners Ricardo and Veronica Ordorica in 2002 for $155,000, according to property records. The buyer, Richard Vasquez, updated the home, painting the interior and exterior, refinishing the wood floors, and paving the side yard where the bodies had been discovered.</p>
<p>Vasquez sold the home in 2005 for $500,000 to John Burdette III; and Burdette sold the home to Tom and Lissette Decarli for $560,000 six months later, records show.</p>
<p>The house went through foreclosure in June 2009, with the last reported price being $335,750.</p>
<p>Bank of America spokeswoman Jumana Bauwens would only say the bank owns the property and that it is listed for sale. She did not respond to a request for the listing price.</p>
<p>The top floor is a three-bedroom, one-bath unit; the bottom floor has two bedrooms and a bathroom, Chechourka said. The kitchens both have granite countertops and there are laundry hook-ups, he said.</p>
<p>Chechourka, who works for Kraft Real Estate in Fair Oaks, didn't realize the property's ignominious past until he Googled the address for a map, he said.</p>
<p>"It's a basic disclosure item – we'll have to tell people that it has a notorious history," he said.</p>
<p>Scott Humphrey, 42, who lives on the same block, admired the home Thursday and wouldn't think twice about living there, he said.</p>
<p>"I believe in karma, not ghosts," he said.</p><blockquote style="background-color:#f0f0f0;padding:10px">
<a href="http://www.sacbee.com/2010/02/26/2566271/dorothea-puentes-house-up-for.html?mi_rss=Real%20Estate"><img src="http://media.sacbee.com/smedia/2010/02/25/20/5M26DOROTHEA.highlight.prod_affiliate.4.JPG" height="211" width="180" border="0"/></a>
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Dorothea Puente, also known as Dorothea Montalvo, was booked into a women's prison in Frontera in 1984 for earlier crimes prior to her Sacramento murder spree.</blockquote>
Sun, 28 Feb 2010 11:16:14 PST
Motive for home sellers was unaffordable loan :
<p>Two-thirds of California home sellers last year put their houses on the block because they couldn't make their mortgage payments, the California Association of Realtors said Thursday.</p>
<p>According to a CAR survey, 30 percent of respondents said they fell behind on house payments; nearly one in five said job loss was to blame; and 15 percent said increased mortgage payments forced them to sell their homes.</p>
<p>The survey results point in part to a double-whammy for homeowners: plunging home equity combined with resets in their adjustable rate mortgages. Tighter underwriting standards added to the troubles, CAR said.</p>
Sun, 28 Feb 2010 11:34:48 PST
Housing starts rise from dismal '09 levels :
<p>Housing starts jumped sharply last month in California and Sacramento from a year earlier, an industry association said Wednesday.</p>
<p>But the California Building Industry Association, which released the statistics, said the increased activity in January might not mean much.</p>
<p>"Given the fact that we're comparing this month to one of the lowest months on record doesn't exactly bring a housing recovery to mind," said association President Liz Snow in a press release. "Still, it's nice to see some increase in homebuilding activity."</p>
<p>Some 2,979 housing permits were pulled statewide in January, up 48 percent from a year earlier but down 18 percent from December.</p>
<p>In the Sacramento region, 211 permits were pulled in January. That was up 41 percent from a year earlier. It was also an increase of 23 percent over December.</p>
<p>The figures were a far cry from the boom era. In January 2006, for instance, 707 housing permits were pulled in Sacramento.</p>
Sun, 28 Feb 2010 11:35:32 PST
Galt, Auburn in top 10 cities for home price rise :
<p>Galt and Auburn were among the top 10 California cities seeing the greatest percentage increase in median home prices in January 2010 compared with the same period a year ago, according to data released this week by the California Association of Realtors.</p>
<p>Both saw gains of 19.9 percent, tying for eighth on the list, just ahead of Chino Hills with 19.1 percent.</p>
<p>The association said the median home price in Galt in Sacramento County last month was $161,000, compared with $134,250 in January 2009.</p>
<p>The median home price in Auburn last month was $298,000, compared with $248,500 the previous year.</p>
<p>Statewide, the median single-family home price in January was $287,440, up 15 percent from $249,960 in the year-ago period, but down 6.3 percent from $306,820 in December.</p>
Sun, 28 Feb 2010 12:14:10 PST
Sacramento home prices lag behind state gains :
<p>The median price of a single-family home in the greater Sacramento region rose 3 percent in January compared with the same month a year ago, far below a 15 percent statewide gain reported Tuesday by the California Association of Realtors.</p>
<p>The association said the Sacramento region's median home price last month was $174,830, up from $169,670 in January last year but down from $189,140, or 7.6 percent, in December.</p>
<p>Statewide, the median single-family home price in January was $287,440, up from $249,960 in the year-ago period, but down 6.3 percent from $306,820 in December.</p>
<p>The association also said January sales in the Sacramento region were down 24.9 percent compared with January 2009 and off by 29.5 percent compared with December. The respective statewide sales declines were 10.6 percent and 3 percent.</p>
Sun, 21 Feb 2010 00:00:00 PST
OneWest Bank accused of pushing home loan borrowers into foreclosure :
<p>Nineteen months after the catastrophic failure of one of Sacramento's top lenders, Pasadena-based IndyMac Bank, a flurry of local lawsuits alleges that the bank's successor – OneWest Bank – is systematically working to push home loan borrowers into foreclosure.</p>
<p>The allegations filed in the Eastern District of U.S. Bankruptcy Court claim that OneWest can make more money by foreclosing than by keeping borrowers in their homes. That's due to its so-called "shared-loss" agreement with the Federal Deposit Insurance Corp., at least 10 local lawsuits allege.</p>
<p>A video made in Fairfield and circulating widely on the Internet also alleges that OneWest stands to earn millions from taxpayers by foreclosing on borrowers as a result of its shared-loss agreement with the FDIC.</p>
<p>The FDIC declined to comment on the Sacramento lawsuits, but it recently denounced the video's "blatantly false claims." The agency told The Bee that its agreement with OneWest contains provisions to make sure the lender is taking adequate steps to modify loans.</p>
<p>OneWest declined to comment on either the lawsuits or the video.</p>
<p>The FDIC, which seized IndyMac in July 2008, sold the failed institution to Pasadena-based OneWest in March 2009. </p>
<p>As part of the deal, the FDIC agreed to absorb some losses from the troubled loan portfolio. That's after OneWest absorbs the first $2.5 billion in losses, the FDIC said.</p>
<p>But Sacramento bankruptcy lawyer Peter Macaluso claims the shared-loss agreement will reward OneWest for foreclosing on homes. Here's how, he said: The company bought IndyMac's troubled portfolio at a 30 percent discount. It can count on the FDIC eventually reimbursing 80 percent or more of its losses – and also can keep proceeds from the foreclosure sales.</p>
<p>"They're deliberately blowing people out in a systematic pattern," said Macaluso.</p>
<p>He has filed eight lawsuits in U.S. Bankruptcy Court on behalf of area IndyMac borrowers who have filed for Chapter 13 bankruptcy protection.</p>
<p>Macaluso alleges that OneWest improperly boosted his clients' monthly loan payments – sometimes by more than $1,000 – by doing a new escrow analysis after they had filed for bankruptcy protection. He said his clients can't afford the increases and are in danger of losing their homes.</p>
<p>On Friday, he said OneWest has since rescinded the extra payments in three cases.</p>
<p>Elk Grove bankruptcy attorney Mark Wolff makes similar allegations in two lawsuits in U.S. Bankruptcy Court.</p>
<p>"We made the allegations that it's a systematic approach they've employed, and it's a violation of bankruptcy code," said Wolff. He said he previously filed similar actions against Bank of America and JPMorgan Chase. His clients also are still in their homes.</p>
<p>A third attorney, Sean Gjerde of Elk Grove, recently filed a civil suit against OneWest in Sacramento Superior Court. It alleges violations of the Truth In Lending Act, claiming that OneWest is unresponsive to attempts to modify an Elk Grove client's IndyMac mortgage.</p>
<p>"As soon as OneWest took over, the communication stopped," Gjerde said. "My client has been in default for a long time and it's been like heck to even get them to talk to me."</p>
<p>The local lawsuits represent another messy aftermath of IndyMac's implosion in July 2008, a development that added to fears of an imminent U.S. financial collapse.</p>
<p>IndyMac was a leading Sacramento lender, ranking 10th in loan volume during the riskiest part of the housing market: mid-2005 to mid-2007. Statistics from researcher MDA DataQuick show IndyMac made 5,312 home loans worth $1.4 billion during this period in Sacramento, Placer, El Dorado, Yolo, Sutter and Yuba counties.</p>
<p>A Treasury Department performance report last week showed that OneWest has temporarily or permanently modified 25 percent of its loans that are 60 days or more late. Twelve lenders reported higher modification rates and nine reported worse rates. The report said OneWest had permanently modified 3,087 of its 112,000 delinquent loans by the end of January.</p>
<p>The video criticizing OneWest and the FDIC has gone viral on the Internet in real estate and lending circles. It was produced by partners in a Web-based real estate and mortgage firm, thinkbigworksmall.com.</p>
<p>The FDIC said the video had "no credibility."</p>
<p>OneWest wouldn't weigh in. "We're not commenting at all," said bank spokeswoman Diane Henry. "I think the FDIC was pretty clear."</p>
<p>The FDIC said the insurance corporation – established in 1933 to protect customers' bank deposits – currently has 94 shared-loss agreements in place with financial institutions that assumed troubled loan portfolios. The agency said OneWest must absorb the first 20 percent of its loan losses – $2.5 billion – before it can receive government funds to cushion the rest. Then, OneWest can be reimbursed for 80 percent or more of its losses.</p>
<p>The FDIC said it hasn't yet paid a penny to OneWest. It also noted that OneWest owns just 7 percent of the loans covered in the shared loss agreement. The rest are owned by investors.</p>
<p>FDIC officials also noted that they can rescind the deal if OneWest isn't complying properly with its agreement to modify loans.</p>
<p>FDIC spokesman David Barr offered no comment on the Sacramento lawsuits filed against OneWest.</p>
<p>In Roseville, Emily Touchstone is not among those suing OneWest. But she is soon to leave for the East Coast after losing a house refinanced with a IndyMac adjustable-rate loan in 2006. She said she couldn't get a OneWest modification after starting the process in March 2009. In October she lost her job.</p>
<p>Touchstone told a story familiar in Sacramento: months of phone calls, fielding requests for more information and then still more. Months behind on payments, she recently lost the house to OneWest. She called it a "preventable thing."</p>
<p>In Elk Grove, Tom Cravalho said the Association of Community Organizations for Reform, the housing counseling group known as ACORN, dropped his case in December, saying it got little response from OneWest.</p>
<p>"They said there was no communication from your lender," he said. </p>
<p>Cravalho called his 2005 IndyMac adjustable-rate refinance loan a "mistake." Now, he and his wife fear losing a $200,000 down payment on the house they bought in 2002.</p>
<p>Trouble started in February 2008 when Cravalho lost his job running a Contractors State License Services School branch in Sacramento. Eventually he turned to attorney Gjerde for help with a modification. </p>
<p>Gjerde has tried, but recently filed suit against OneWest, saying the bank didn't respond to him, either.</p>
<p>"They aren't even paying lip service," he said. "At least some lenders pay lip service."</p>
Sun, 21 Feb 2010 00:00:00 PST
Lake Tahoe regulators hope 'green' development will help keep lake blue :
<blockquote style="background-color:#f0f0f0;padding:10px">
<a href="http://www.sacbee.com/2010/02/21/2550797/lake-tahoe-regulators-hope-green.html?mi_rss=Real%20Estate"><img src="http://media.sacbee.com/smedia/2010/02/19/18/7B21HOMEWOOD.highlight.prod_affiliate.4.JPG" height="88" width="180" border="0"/></a>
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TAHOE'S WEST SHORE: An artist's rendering shows the renovation plans for Homewood ski resort, which include a 180,000-square-foot main ski lodge, 50 to 60 hotel rooms, a spa and fitness center, 42 two-bedroom condos and 30 penthouse units.</blockquote><p>Development takes much of the blame for the long decline in Lake Tahoe's legendary clarity. Now, in a move they admit seems "counterintuitive," regulators are counting on more housing, ski lodges and hotel rooms to help reverse it..</p>
<p>Although construction of new projects has all but ceased at the sensitive Sierra lake, the Tahoe Regional Planning Agency (TRPA) has launched a new initiative – dubbed the Community Enhancement Program – with the goal of attracting a different breed of builder.</p>
<p>The idea: to replace blighted or environmentally damaging projects from the 1950s and '60s with new, "green" buildings that not only fit in with their surroundings but also would hold back lake-clouding runoff.</p>
<p>The trick will be for developers to find a way to profit from their projects while navigating what many consider to be the most highly regulated and closely scrutinized review process in the country.</p>
<p>"It seems counterintuitive, particularly if you're an environmentalist, that building a large hotel with time shares and retail areas is good for the environment," TRPA spokesman Dennis Oliver said. "But most of Tahoe's environmental problems have been caused by poorly designed developments from 50 or 60 years ago, so we need to tear out that bad stuff and then build some good stuff – to remake these properties that are the source of the runoff that's polluting the lake."</p>
<p>If the enhancement program works, the lake gets cleaner, the scenic beauty of Tahoe is preserved and the small communities around the lake – from Crystal Bay to Homewood to the South Tahoe Y – are reborn as walkable pockets of commerce and culture.</p>
<p>But not everyone is convinced it can work.</p>
<p>"I see a lot of flaws in the program," said Jerry Wotel, a retired aerospace engineer and the volunteer president of a homeowners group called North Tahoe Citizen Action Alliance. "Some of the things developers are proposing will have an enormous impact on their neighborhoods. The types of projects being proposed are not at all what the program calls for."</p>
<p>TRPA is offering incentives to developers who show their redevelopment projects can deliver environmental gains – such as reduced air pollution, vehicle travel or sediment pollution.</p>
<p>By minimizing a project's carbon footprint, treating storm-water runoff and creating incentives for cyclists, pedestrians and public transit, developers can purchase development credits. These credits include additional commercial floor area, tourist accommodation units and multi-residential units – building blocks stockpiled by TRPA when old motels or shopping centers are torn down.</p>
<p>When TRPA announced the program a couple of years ago – after an extensive series of public hearings around the basin that drew an estimated 3,000 people – it expected two or three applications. It got nine.</p>
<p>The first project to move forward has been Boulder Bay, a proposal to tear down the 63-year-old Tahoe Biltmore on the north shore and replace it – and its runoff-generating asphalt parking lots – with a new 300-room hotel, 59 condos, a health and wellness center, 20,000 square feet of shops and restaurants, and a small casino. Developer Roger Wittenberg has been holding public hearings on Boulder Bay and will release a final environmental impact statement in a few months.</p>
<p>Boulder Bay has attracted substantial support, but also opposition from some residents and environmentalists who have fought against development around Tahoe for decades.</p>
<p>On Tahoe's west shore, another big project is on the horizon. Developer JMA Ventures proposes to renovate the existing Homewood ski resort with a 180,000-square-foot main ski lodge, 50 to 60 hotel rooms, a spa and fitness center, 42 two-bedroom condos, 30 penthouse units, underground parking, a small retail area, a midmountain lodge with a restaurant and pool, and 12 two-story condos.</p>
<p>JMA executive vice president David Tirman said the developers held more than 20 meetings and talked with more than 1,000 Homewood neighbors before drawing up their initial plans for Homewood Mountain Resort. He said the plans reflect what residents wanted – a community gathering place designed in the Old Tahoe architectural style.</p>
<p>Homewood has already installed a new filtration system in two parking areas to collect and filter runoff before it reaches the lake. Since 2006, the firm has been revegetating eroding slopes and thinning fire-prone forests on its property. When construction starts, the new buildings will have cisterns to collect water and recycle it for snowmaking. When buildings are torn down, some of the old lumber and materials will be used in the new construction. </p>
<p>Tirman says the project will have other benefits. More hotel rooms and condos will help even out visitor traffic, currently concentrated on the weekends. The proposed outdoor amphitheater will be a cultural draw. Links with a dial-a-ride, water taxis and mass transit will cut down on traffic jams that plague the area, Tirman predicted.</p>
<p>"Our project demonstrates that through good planning there can be redevelopment that is in balance with the natural environment and can actually make improvements," Tirman said.</p>
<p>Although Tirman spent months studying examples of Sierra architecture – including old photos of the Ahwahnee Hotel at Yosemite – to develop the look of Homewood, Wotel of the citizens alliance says the planned development is just too big and will stick out in the sleepy west shore hamlet.</p>
<p>"It's going to bring as many visitors to Homewood as there are residents in Homewood," Wotel said. "There's no way you can say it isn't going to change things. It's too big, too dense and not along the scale of the community."</p>
<p>Ultimately, TRPA's 15-member governing board – which includes members from Nevada and California – will have to decide whether the plans for Homewood and Boulder Bay fit with the agency's vision for Lake Tahoe. A variety of other state, federal and local agencies also review developments proposed for Lake Tahoe.</p>
<p>TRPA consultant Darin Dinsmore, a planner and landscape architect, says it's time for Tahoe planners to embrace innovative environmental efforts like the community enhancement plan. Dinsmore helped design the program for TRPA. In meeting after meeting around the basin in 2007, he heard residents plead for a program to revitalize neighborhoods while protecting the lake.</p>
<p>Dinsmore noted that the city of Vancouver, B.C., recently passed a law requiring projects to achieve the highest rating from the Leadership in Energy and Environmental Design (LEED) Green Building Rating System. LEED certification is costly and time-consuming, but the Canadian developers went along with the law because the highest standards ensure the resale value of their projects, Dinsmore said.</p>
<p>"Tahoe used to be at the forefront of innovations like that," Dinsmore said. "But not anymore.</p>
<p>"Do we need to have another Olympics to start thinking outside the box? Seventy-two percent of the fine particulates getting into the lake are coming from these commercial zones. What are we going to do about that?"</p>
<p>Dinsmore and Oliver of TRPA point out that even if large projects like Boulder Bay and Homewood get approved, they aren't going to be built overnight. The economic reality is that construction has to be phased in slowly, as condo buyers emerge from the shadows of the current recession and as financing becomes available to the builders. Oliver noted that some projects already approved at Tahoe have been stalled while builders – rejected for financing from banks – turn to private equity firms for construction loans.</p>
<p>"(Community enhancement) is not a job we'll finish in one year or 10 years but in a generation," Oliver said. "But as long as we're making forward progress, that's OK."</p>
<p>So TRPA finds itself in an unexpected position: After years of fending off development pressure on the 500-square-mile Tahoe basin, it's trying to figure out a regulatory environment that actually encourages development.</p>
<p>"The cost of doing nothing is sustained environmental degradation coming off existing development built 50 years ago," Oliver said.</p><blockquote style="background-color:#f0f0f0;padding:10px">
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HOMEWOOD: The proposed midmountain lodge at Homewood Mountain Resort would replace an existing tent facility and concrete foundation. Developer JMA Ventures executive vice president David Tirman said the developers held more than 20 meetings and talked with more than 1,000 Homewood neighbors before drawing up their initial plans for the ski resort. He said the plans reflect what residents wanted - a community gathering place designed in the Old Tahoe architectural style.</blockquote><blockquote style="background-color:#f0f0f0;padding:10px">
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An artist's rendering shows the view from State Route 28 and Stateline Road of Boulder Bay after the proposed project's completion.</blockquote><blockquote style="background-color:#f0f0f0;padding:10px">
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Developer Roger Wittenberg has been holding public hearings on Boulder Bay.</blockquote><blockquote style="background-color:#f0f0f0;padding:10px">
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The Boulder Bay development calls for the 63-year-old Tahoe Biltmore on the north shore to be torn down and replaced with a 300-room hotel, 59 condos, a health and wellness center, shops and restaurants, and a small casino.</blockquote>
Sat, 20 Feb 2010 00:00:00 PST
Township 9 prelude :
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<a href="http://www.sacbee.com/2010/02/20/2550976/township-9-prelude.html?mi_rss=Real%20Estate"><img src="http://media.sacbee.com/smedia/2010/02/19/19/6B20DEMO.highlight.prod_affiliate.4.JPG" height="115" width="180" border="0"/></a>
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A worker removes a roof overhang at the 65-acre site.</blockquote><p>Sacramento general contractor Otto Construction started demolition of the historic Tri-Valley Growers cannery this week at Richards Boulevard and North Seventh Street, opening the way for development of the 65-acre infill project Township 9. </p>
<p>Plans for the transit-focused project include up to 2,900 residential units, offices and stores north of downtown Sacramento. Township 9 is a joint venture between Sacramento-based nonprofit Nehemiah Corp. of America and Sacramento developers Ron Mellon and Steve Goodwin. </p>
<p>Demolition will take four months and set the stage for $30 million in state bond funding to build streets and other infrastructure for the project, the partners say. </p>
<p>Regional Transit has scheduled an October opening for its $44 million extension of the Green Line to a new nearby light-rail station. Sacramento apartment developer St. Anton Partners will start construction late this year on a pair of four-story buildings containing the site's first 180 residences.</p><blockquote style="background-color:#f0f0f0;padding:10px">
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An excavator rips apart an old building at the historic Tri-Valley Growers cannery at Richards Boulevard and North Seventh Street on Friday.</blockquote>
Fri, 19 Feb 2010 00:00:00 PST
Sacramento-area home sales were terrible in January :
<p>The new year in home sales opened with a thud.</p>
<p>January sales fell to their lowest point in almost two years across the capital region, San Diego researcher MDA DataQuick reported Thursday. The firm counted just 2,428 closed January escrows on new and existing houses in Amador, El Dorado, Nevada, Placer, Sacramento, Sutter, Yolo and Yuba counties.</p>
<p>The tally was well below 2,806 sales in January 2009 – and the lowest since March 2008.</p>
<p>"I think people are just scared," said Larry Henderson, a real estate agent with Prudential Norcal Realty in Carmichael. "I think they're still afraid houses are going to go down." He said his bigger fear, however, is that interest rates will climb to 6 percent this year and freeze out his clients who are first-time buyers.</p>
<p>January's weak sales numbers imitated a pattern seen statewide, where the month is always one of the year's slowest for sales. DataQuick analysts said January is a poor month to chart emerging trends, and cautioned against seeing weak numbers as "substantial lasting changes in the market."</p>
<p>Despite fewer sales, year-over-year prices for new and existing homes combined continued to hold steady. They ranged from flat in Sacramento County to 4 percent and 5 percent annual declines elsewhere.</p>
<p>But median prices for existing homes in Sacramento County, the largest sector of the real estate market, fell from $178,000 in December to $166,000 as lower-end homes gained more market share.</p>
<p>"January closings really skewed toward foreclosure resales," said DataQuick analyst Andrew LePage. He said bank repos were 52.7 percent of the county's sales, the highest since September.</p>
<p>Many of these repos were scooped up by investors who shopped aggressively during the holidays and accounted for 28 percent of January sales in Sacramento County. That is the highest monthly investor share since 2000. DataQuick said 31.8 percent of buyers in Sacramento paid cash, continuing a yearlong pattern that has frozen out scores of first-time buyers.</p>
<p>Henderson called the climate "brutal" for buyers trying to purchase their first home.</p>
<p>Home sales registered the sharpest drops from January 2009 in Sacramento, Yolo, Sutter and Yuba counties. A year ago in those counties, cheap bank repos accounted for as many as seven in 10 sales. That buying frenzy has since slowed.</p>
<p>Sales rose from January 2009 in the more affluent suburban, rural and resort counties: Placer, El Dorado, Nevada and Amador. They had few bank repo sales early last year, making their low 2009 tallies easy to beat, LePage said.</p>
<p>Regionally, January marked a seventh straight month of sales numbers that failed to beat those of the same time a year earlier. That pattern follows 14 months of year-over-year sales gains that ran from April 2008 to June 2009. Many of those gains overlapped with a buying frenzy ignited by banks dumping thousands of discounted repo properties onto the market.</p>
<p>LePage said January's higher percentage of foreclosure resales "is more cleanup of a mess we already know about." He said there are still no indicators of another massive wave of repo listings.</p>
<p>"If there's going to be a new wave of foreclosures we're going to see those first in notices of default (the first step of the foreclosure process), and we haven't seen that. They're elevated but it hasn't taken off."</p>
Thu, 18 Feb 2010 00:00:00 PST
Homeowners getting more help modifying mortgages :
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<a href="http://www.sacbee.com/2010/02/18/2545470/homeowners-getting-more-help-modifying.html?mi_rss=Real%20Estate"><img src="http://media.sacbee.com/smedia/2010/02/17/20/4W18HOPEJP.highlight.prod_affiliate.4.JPG" height="119" width="180" border="0"/></a>
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Jennifer Ngelale of mortgage servicing company HomEq counsels a borrower at a foreclosure prevention workshop in Sacramento in December 2008. Another workshop is set for Feb. 26 at the Sacramento Convention Center.
RANDALL BENTON Bee file, 2008
</blockquote><p>Mortgage lenders with large portfolios of distressed Sacramento loans say they're getting significantly better at rewriting them, and federal numbers released Wednesday suggest more homeowners are getting help.</p>
<p>Mortgage lenders permanently modified 116,297 home loans nationally in January, according to the U.S. Treasury. That far exceeded December's 66,465 permanent modifications and November's 31,382, the report showed.</p>
<p>Treasury Department officials called it a sign that the Obama administration's much-criticized Making Home Affordable program is gaining traction to help ease the foreclosure crisis in regions like Sacramento.</p>
<p>One in five permanent modifications in January was in California, the report stated. Alongside 24,242 permanent modifications, another 167,399 California households received trial modifications. The total was 19,353 higher than in December.</p>
<p>"That's the direction we want to continue to go in," said Alvina McHale, spokeswoman for the Treasury Department's Homeownership Preservation Office. She said the department "pulled out the stops" late last year to propel a program that some Sacramento-area borrowers viewed as unresponsive.</p>
<p>Wednesday's January numbers arrived as lenders and the U.S. government also gear up for a massive eight-hour foreclosure prevention session Friday, Feb. 26, at the Sacramento Convention Center.</p>
<p>The workshop is a repeat of a December 2008 convention center event that attracted more than 1,000 area borrowers to visit with representatives of 19 lenders. The event brought mixed results, with some borrowers reporting help on the spot and others saying initial lender promises of help later went unrealized. </p>
<p>McHale said, "We want to draw in people who have not been hearing of this (Making Home Affordable) program. We're concerned about people already delinquent, who may have trouble getting to their lender." She said at least half of borrowers who lose their homes to foreclosure never talk with their lender.</p>
<p>The Feb. 26 session is free and runs from from 1 p.m. to 9 p.m. at 1400 J St. Borrowers will be able to meet face to face with 14 mortgage lenders and nonprofit home loan counselors, say organizers, who include the federal government, NeighborWorks America and the Hope Now Alliance.</p>
<p>Lenders attending: Bank of America, Wells Fargo/Wachovia, JPMorgan Chase, OneWest, American Home Mortgage, Aurora, Citi, GMAC, HomEq, PNC, Select Portfolio, Saxon, Suntrust and Ocwen. Lenders have mailed invitations to borrowers, organizers said.</p>
<p>"We strive for a concrete decision of some sort, a modification, repayment plan or forebearance (suspending payments for a few months)," said Brad Dwin, spokesman for Hope Now, a lending industry group formed in 2007 to work with borrowers. "The majority of homeowners who attend these events at least walk away with a clearer notion of where they stand."</p>
<p>Dwin said 25 percent to 30 percent of attendees typically receive a financial solution on site. But he cautioned that it often "depends on the area."</p>
<p>"The biggest wild card is unemployment in Northern California," Dwin said.</p>
<p>Lost income has made it especially tough for Sacramento-area borrowers to get loans modified. Elk Grove bankruptcy attorney Mark Wolff said many clients arrive in his office to file for Chapter 13 protection after failing to get mortgage modifications.</p>
<p>"It depends on the lender," he said Wednesday. "I have seen some people get modifications. But I think there are more people who are not getting them. And the modifications they are receiving are not always in the interest of the homeowner."</p>
<p>Elk Grove borrower Dannette Armstrong said she has spent two years trying to get a permanent modification from Litton Loan Servicing. She said it took her "a year and a half of them losing documents and me refaxing" them to get a trial modification last August. It cut her monthly payment from $2,950 to $1,620, she said. But after eight payments she said the servicer told her she doesn't qualify for a permanent modification.</p>
<p>"Now I'm starting all over again, and I've been doing this for exactly two years this month," she said. </p>
<p>In January, Litton reported temporarily and permanently modifying 19 percent of its loans that were 60 days or more late on payments. That was up from 16 percent the previous month.</p>
<p>Bank of America, the capital region's largest mortgage lender after taking over Countrywide in 2008, reported 12,761 permanent modifications in January, up from 3,183 in December. Wells Fargo doubled the number of permanent modifications – from 8,424 in December to 17,652 in January, the Treasury Department reported.</p>
<p>McHale, when asked about borrower skepticism that might prevent some from attending the Feb. 26 event, said the Treasury Department began "a really intensive conversion campaign in November and December" to get more permanent modifications in place.</p>
<p>"Not only do we encourage lenders to do this, we are seeing more positive signs by lenders, including knocking on doors," McHale said.</p>
<p>She noted that the national Hope Now hotline – (888) 995-HOPE – has a special Making Home Affordable help desk for people who aren't getting satisfactory responses from lenders. </p>
<p>"Ask for the MHA help folks," she advised. "They're dedicated to helping people clear those roadblocks."</p>
Mon, 15 Feb 2010 10:15:06 PST
Home foreclosures bringing blight; cities want owners more accountable :
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Sherry Pyatt, with grandson Taray Thomas peering out the window, keeps an increasingly worried eye on her neighborhood. "I'm not feeling very safe," she said.</blockquote><p>In Sacramento's Oak Park, where five vacant homes burned in the last four months, resident Sherry Pyatt is among those who keep a close watch on the neighborhood.</p>
<p>"I'm not feeling very safe, not with all these vacant houses around, and the fires," Pyatt said the other day outside her home on San Diego Way, near two of the five fires.</p>
<p>Abandoned or vacant houses are a problem. They can be targets for vandalism, shooting alleys for drug abusers or retreats for homeless people who light fires to stay warm. Out-of-control blazes are too often the result, officials say.</p>
<p>Worries about empty buildings and what becomes of them have intensified in recent years as neighborhoods cope with a growing volume of foreclosures. Left unaddressed, a vacant property can bring down a street – and hurt a neighborhood.</p>
<p>Now some California cities are moving to curb potential for the blight that often follows neglected properties.</p>
<p>Beginning March 11, an Elk Grove ordinance will require owners of vacant homes to register them with the city when they are empty more than 30 days.</p>
<p>The approach is fashioned after a similar abandoned-property program in Chula Vista, where lenders are identified and held responsible for the conditions of their foreclosed properties.</p>
<p>The city of Sacramento has had a vacant-building ordinance in place since July 2007. </p>
<p>The city tracks complaints about vacant houses and imposes penalties of up to $5,000 a month for each failure to fix a violation.</p>
<p>"We start a case and we monitor them monthly just to make sure they're being maintained," said Ron O'Connor, operations manager for the city's Code Enforcement Department.</p>
<p>Most complaints come from Oak Park and the city's Del Paso Heights neighborhoods, he said. </p>
<p>When empty houses are burglarized, the city hires contractors to board them up and charges owners for the cost, O'Connor said. </p>
<p>Failures to fix blight can add penalties. So can the city's cost of monitoring.</p>
<p>On San Diego Way, the front of one boarded-up house was papered with notices of violations attached to month after month of penalties, totaling more than $30,000.</p>
<p>Even those penalties might be waived in cases in which a buyer seeks to make the home livable, O'Connor said.</p>
<p>On the same street, one of Oak Park's five burned houses was boarded up and secured with locks. That didn't stop vandals. </p>
<p>The padlocked side gate was forced open and the home's back door was kicked in and left ajar.</p>
<p>Jose Rodriguez, who lives next door, said his son saw the fire. In the more recent burglary, Rodriquez said, he believes the home's appliances were stolen.</p>
<p>From his driveway, the smell of the burned house persists.</p>
<p>Yet another home on the block was damaged in October when someone threw a Molotov cocktail through the front window. An arrest was made in that case.</p>
<p>Property owner Mohammed Jalal told The Bee he made repairs quickly, and that a new tenant has moved in.</p>
<p>Still, the neighborhood is much improved compared with the 1990s, Rodriguez said. Someone is always in his home, so he says he sees little cause for worry.</p>
<p>On 17th Avenue, also in Oak Park, an empty house was demolished after a Feb. 7 explosion ripped through the building. The Sacramento Fire Department calls it a case of arson.</p>
<p>Fires aren't the problem in Elk Grove. </p>
<p>The city has had an ordinance dealing with abandoned properties since 2006. But finding owners of foreclosed homes has been tough.</p>
<p>"The biggest challenge is that enforcement notices (posted on) vacant properties seem to go into a black hole," said Shane Diller, the city's community enhancement manager. "They sit piled up somewhere in a financial institution. The registry, hopefully, will fix that."</p><blockquote style="background-color:#f0f0f0;padding:10px">
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ANNE CHADWICK WILLIAMS awilliams@sacbee.com
Jose Rodriguez and his family live next door to a house that has been burned and burglarized. Despite that, he says the neighborhood is in better overall shape than it was in the 1990s.
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A vacant San Diego Way home is plastered with penalty notices from the city of Sacramento. Such notices are largely ignored.</blockquote>
Mon, 15 Feb 2010 10:15:06 PST
Investors plunking down cash for homes :
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Numerous homes in the Sacramento area are on the market. On Aubergine Way in the Mather community near the old Air Force Base four homes are on the market on this street alone. Tuesday, May 2, 2006. Sacramento Bee/ Jay Mather</blockquote><p>Investors paying cash for houses accounted for one in four home sales during the past year in Sacramento County and West Sacramento, becoming dominating players in a distressed market and squeezing out scores of first-time buyers, 2009 statistics now show.</p>
<p>Many of these cash buyers are from the Bay Area. They've re-established that region's traditional link to Sacramento real estate and are scoring houses at up to 10 percent off listing prices, local market participants say.</p>
<p>Buying with cash, says local broker associate Jim Swanson, is another Sacramento "gold rush."</p>
<p>Carey Covey, a Cook Realty agent in Sacramento, said he recently sold a bank repo to a Sunnyvale investor by phone.</p>
<p>"I never met him. He never saw the property," Covey said.</p>
<p>He paid $55,000 – in cash.</p>
<p>Cash buys suggest there's still plenty of money out there despite the bad economy. And it's flowing into a market where repo prices in 2009 often remained well below $100,000 or even $70,000.</p>
<p>"There are some people who have money in a 401(k) and want to find better use for it," said Swanson of Prudential California Realty. "I have clients taking cash out of properties they already own and using that money to buy real estate. I have one cash buyer who planned to use loans, but he had plenty of savings."</p>
<p>Cash buyers can obtain discounts not available to others, and their purchases seldom fall out of escrow. They have pushed aside first-time buyers who can't compete.</p>
<p>"I have lists and lists and lists of houses I have looked at and put offers on. Everything has been investors, investors, investors," said Kimii Carter, a city employee in West Sacramento. Carter said she made offers on 30 houses south of downtown Sacramento, including a $145,000 bid on a $114,000 listing she wanted for herself and two daughters.</p>
<p>"They said, 'We already have a cash offer,' " Carter said.</p>
<p>"All the buyers will agree. This is what I'm hearing every day," said Barbara Rohwer Harsch, president of the Sacramento Association of Realtors.</p>
<p>For months, first-time buyers have complained of losing bidding wars to investors often paying with cash. But now a year of data prove the pattern. Cash buyers were 26.7 percent of January sales in Sacramento County and West Sacramento, according to SAR.</p>
<p>In every month of 2009, cash buyers ranged from 23.7 percent to 27.7 percent of closed escrows, SAR reported. Researchers at La Jolla-based MDA DataQuick, which counts more sales than SAR, says the Sacramento County cash-buy percentage is even higher.</p>
<p>"It's been in the 27 percent to 32 percent range for the past year," company analyst Andrew LePage said.</p>
<p>Swanson, researching data from Sacramento's MetroList Services, said cash buyers accounted for 60 percent of January sales under $100,000 in Sacramento County.</p>
<p>"One of my clients bought five or six last year. Another bought two," he said. Many are in areas devastated by risky adjustable-rate loans: North and south Sacramento, Del Paso Heights, North Highlands and Rancho Cordova.</p>
<p>Swanson, too, made a cash buy in 2008, paying $38,000 for a two-bedroom, one-bath home in Del Paso Heights. He spent $14,000 on repairs and then rented it out.</p>
<p>Sacramento general contractor Bruce Morse said he bought four houses and a duplex with cash the past two years. Prices ranged from $50,000 to $120,000. Morse repairs, rents and holds, saying, "This is my retirement plan.</p>
<p>"I had cash from a home equity loan and my aunt lent me some money. My dad lent me a little money," he said.</p>
<p>Morse said paying cash makes it "a little easier dealing with banks. "They just know it's cash and they don't have to worry about too much else."</p>
<p>Analysts have long said banks prefer cash as a quick and easy way to shore up their bottom lines, eroded by defaults across the United States, and particularly in California. Twelve percent of mortgages in Sacramento, Placer, Yolo and El Dorado counties are 90 days behind on payments, somewhere in the foreclosure process or related to a bank repo with a for-sale sign out front, says Orange County analyst First American Core- Logic.</p>
<p>But those not suffering such privations still have plenty of cash, especially in the Bay Area, said Matthew Anderson, partner at Oakland-based Foresight Analytics, a real estate consulting firm.</p>
<p>"In California, 12 percent unemployment means there's still 88 percent of the work force that have jobs and incomes, and a lot of people still have quite decent incomes," he said.</p>
<p>A DataQuick survey of second-home purchases by Bay Area investors last July, August and September ranked Sacramento as their top target. Elk Grove ranked 10th behind Las Vegas, Stockton and other Central Valley markets.</p>
<p>Mike Lyon, head of Sacramento's Lyon Real Estate, estimates that two-thirds of the Sacramento region's cash buyers are Bay Area investors.</p>
<p>Anderson said investors see this as an "attractive time to be buying, especially if you're going to turn around and leverage (borrow against) the investment. It's a cheap time to be borrowing money."</p>
<p>But that kind of finance is little comfort to buyers like Carter. She's in escrow on her first house, but it's smaller than she hoped and not exactly what she wanted.</p>
<p>"I felt I had to take it. It's my only option," she said, recounting her many losing bids since November. "It's really discouraging for somebody trying to buy their first house. It shouldn't be like this, but it is."</p>
Fri, 12 Feb 2010 00:00:00 PST
Home building will lift state's economy somewhat, study says :
<p>Home building in California will generate considerably more economic activity this year than last, but it will remain a much smaller sector than it was during the boom times, according to a study released Thursday.</p>
<p>The study by the Center for Strategic Economic Research, a Sacramento think tank, says new-home construction and related activities will add $20.38 billion to the California economy this year.</p>
<p>That's up from the $14.34 billion recorded last year. </p>
<p>But it falls well short of the $67.49 billion in economic activity from home building in California in 2005, around the time the housing market was at its peak, according to the study. </p>
<p>The study measures direct spending on construction as well as spinoff effects, including the spending habits of those employed by home builders and suppliers.</p>
<p>The study's findings are in line with economists' and market analysts' predictions that the housing market in California has bottomed out or is close to bottoming out.</p>
<p>The researchers did not attempt to predict when home building activity might return to 2005 levels.</p>
<p>"I have no idea how long it's going to take," said author Ryan Sharp, director of the center.</p>
<p>But he said the long-term outlook remains healthy, as California's population will grow and gradually drift inland from the coast.</p>
<p>"Long-term, California's an attractive place," he said.</p>
<p>The study was funded by the California Homebuilding Foundation, which is supported by the construction industry.</p>
<p>Sharp said the prediction of increased activity in 2010 is based on forecasts from the Construction Industry Research Board. </p>
<p>The board said housing permits will rise to 52,000 this year, from 36,000 last year. In 2005, the permits totaled 205,000.</p>
Thu, 11 Feb 2010 00:00:00 PST
Museum, park district to gain ownership of McClellan land :
<p>The Aerospace Museum of California and the North Highlands Recreation and Park District will take ownership of 26 acres of land at the former McClellan Air Force Base in the coming months, thanks to a federal-state agreement for how the site may be used.</p>
<p>The agreement involving the Air Force, the U.S. Environmental Protection Agency and the California Department of Toxic Substances Control spells out access restrictions as a result of a disposal area on part of the property once used by a small automotive repair facility. </p>
<p>The Air Force has owned the property since 1967.</p>
<p>Linda Geissinger, spokeswoman for the Air Force Real Property Agency, which buys, sells and manages property for the Air Force, said the contaminants at the site include organic compounds, volatile and non-volatile, as well as metals and petroleum hydrocarbons.</p>
<p>The accepted restrictions were coordinated with the aerospace museum and the park district and are consistent with their plans for the property. </p>
<p>The museum will take ownership of the 6.5-acre site where it operates. </p>
<p>The North Highlands district will own 19.5 acres, Freedom Park.</p>
<p>Geissinger said the signed document allows the transfer of site to take place in the coming months.</p>
<p><i>– Bee staff</p>
<p></i></p>
Thu, 11 Feb 2010 19:28:19 PST
Loan losses put Granite Bay bank at risk of failure, seizure :
<blockquote style="background-color:#f0f0f0;padding:10px">
<a href="http://www.sacbee.com/2010/02/11/2528835/loan-losses-put-granite-bay-bank.html?mi_rss=Real%20Estate"><img src="http://media.sacbee.com/smedia/2010/02/10/21/4W11BANKS1.highlight.prod_affiliate.4.JPG" height="124" width="180" border="0"/></a>
<br/>
Workmen fasten a temporary sign to the Granite Community Bank building on Douglas Boulevard in Granite Bay before its opening in February 2002. Eight years later, hammered by the collapse of area housing and commercial development markets, the small bank is rated lowest of any local institution by leading financial rating companies. Granite Community is trying to raise $6.5 million from investors to return its capital holdings to levels demanded by regulators. So far, the bank has taken in about $2.2 million.
OWEN BREWER Bee file, 2002</blockquote><p>Problem loans for residential and land development have placed Granite Community Bank, a small lender in Granite Bay, at risk for failure and seizure by the government, according to regulatory filings and banking analysts.</p>
<p>The bank lost more than $5.5 million last year, including more than $3.5 million in the fourth quarter. According to Oakland-based Foresight Analytics, Granite Community holds $14.2 million in loans that are in default or close to default – about four times the bank's reserve fund to cover such losses.</p>
<p>"They do face a takeover at some point in time unless they can improve their capital situation," said Bert Ely, a banking industry analyst in Alexandria, Va., who reviewed the bank's most recent government filing for The Bee. Ely said the bank reported an unusual burden of bank-owned real estate – a result of area foreclosures – and a perilous dependence on construction and commercial real estate loans.</p>
<p>"It's quite possible that their losses … will wipe out their capital and render them insolvent," said Ely.</p>
<p>Last March, just 30 U.S. banks or thrifts faced such severe problems, according to data from Foresight, a market research firm. All but one have since been seized by regulators. As of September, 56 banks or thrifts struggled with challenges as extreme as Granite Community's current plight; since then, 41 of those have failed.</p>
<p>After a bank failure, depositors are safe, protected by insurance for up to $250,000 each, but shareholders lose their investments and local commerce could suffer.</p>
<p>"Our special marketplace, south Placer County, has been impacted dramatically" by the recent economic downturn, said David R. Kaiser, Granite's chief executive. "We've been aggressive at recognizing problems. We haven't tried to sugarcoat anything.</p>
<p>"We see a fairly bright future," he added, noting that remaining challenges are "not a bottomless pit." Kaiser said he hoped to increase lending to small businesses this year as the economy recovers.</p>
<p>The Granite Bay lender, founded in 2002, is among several small local banks that have been hammered by the region's exceptionally severe real estate bust and ill-fated lending practices. Just five of the 15 commercial banks based in the Sacramento area made money last year.</p>
<p>Granite Community did not receive funds from the federal TARP bailout, unlike the second-biggest regional loser in 2009, Community Business Bank in West Sacramento. It lost nearly $4.2 million – more than its entire $4 million bailout.</p>
<p>Last year, The Bee examined Community Business Bank's unusually high level of insider lending to its own directors and their family members. Since then, the West Sacramento lender has sharply reduced its loans to officers and directors.</p>
<p>Mark Day, Community Business Bank's chief financial officer, said tax disadvantages due to his bank's status as a relatively new institution worsened its 2009 losses. He did not respond to a question about whether the bank still intends to repay its bailout funds, as officials said last year it would.</p>
<p>Sacramento's River City Bank lost $3.3 million in 2009, Five Star Bank in Rocklin lost nearly $2.3 million, and Community 1st Bank, a Roseville lender that also got TARP funds, lost $1.2 million.</p>
<p>Granite Community's condition is by far the worst of any local bank, according to leading financial rating companies. It's the second lowest-rated bank of its size in California and is in worse shape than more than 98 percent of peers nationally, according to Bankrate.com. Bauerfinancial.com gave Granite Community zero stars – the lowest possible rating.</p>
<p>In 2008, Granite Community entered a formal agreement with its chief regulator, the U.S. Comptroller of the Currency. The agency required the bank to increase capital reserves to cover bad loans. But the bank's condition has since deteriorated, as demand for housing and commercial development collapsed.</p>
<p>Granite Community is trying to raise $6.5 million from investors to return its capital holdings to levels demanded by regulators. So far, the bank has taken in about $2.2 million, Kaiser said, which is being held in escrow until other funds are raised.</p>
<p>Raising enough capital "is definitely an uphill battle" for a small, struggling bank in today's economic climate, Foresight's Matthew Anderson said. Takeover by a larger, healthier bank might be another option, he said.</p>
<p>"Someone putting capital in has to ask," Ely said, "is this bank insolvent, and if so, am I throwing good money after bad?"</p>
Mon, 19 May 2008 21:53:59 PDT
April 2008 Sacramento region home sales and price trends :
<p><div id="SacZipChartApr08send_32469" align=center>
<h1>April 2008 Sacramento region home sales and price trends </h1>
<table border=1 cellpadding=3 cellspacing=0>
<tr height=20 style='mso-height-source:userset;height:15.0pt'>
<td height=20 class=xl8032469 colspan=9 style='height:15.0pt'>Data for
resale single-family detached homes that closed escrow. Percent changes are
from the same month one year earlier.</td>
</tr>
<tr height=52 style='mso-height-source:userset;height:39.0pt'>
<td height=52 class=xl6632469 width=119 style='height:39.0pt;width:89pt'>Community</td>
<td class=xl6632469 width=64 style='width:48pt'>Zip code</td>
<td class=xl6732469 width=64 style='width:48pt'>Number of homes sold</td>
<td class=xl6932469 width=69 style='width:52pt'>% Change from 07</td>
<td class=xl6832469 width=76 style='width:57pt'>Median price paid</td>
<td class=xl6932469 width=71 style='width:53pt'>% Change from 07</td>
<td class=xl6932469 width=91 style='width:68pt'>Highest price paid</td>
<td class=xl7032469 width=77 style='width:58pt'>Median price paid per sq/ft</td>
<td class=xl6932469 width=71 style='width:53pt'>% Change from 07</td>
</tr>
<tr class=xl1532469 height=17 style='height:12.75pt'>
<td height=17 class=xl7232469 colspan=2 style='height:12.75pt'>SACRAMENTO
COUNTY</td>
<td class=xl7332469> </td>
<td class=xl7532469> </td>
<td class=xl7432469> </td>
<td class=xl7532469> </td>
<td class=xl7532469> </td>
<td class=xl7432469> </td>
<td class=xl7532469> </td>
</tr>
<tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Carmichael</td>
<td class=xl8132469 align=right x:num>95608</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>46</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-0.22033898305084743">-22.0%</td>
<td class=xl8732469 x:num="266000">$266,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.2810810810810811">-28.1%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="650000">$650,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="186.57989905553256">$187</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.17957034597119659">-18.0%</td>
</tr>
<tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Citrus Heights</td>
<td class=xl8132469 align=right x:num>95610</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>35</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="1.0588235294117645">105.9%</td>
<td class=xl8732469 x:num="237500">$237,500</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.20568561872909696">-20.6%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="465000">$465,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="159.76552366538215">$160</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.24538422469998744">-24.5%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Citrus Heights</td>
<td class=xl8132469 align=right x:num>95621</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>71</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0.65116279069767447">65.1%</td>
<td class=xl8732469 x:num="207000">$207,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.24727272727272731">-24.7%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="340000">$340,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="151.89003436426117">$152</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.27542103936782403">-27.5%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Elk Grove</td>
<td class=xl8132469 align=right x:num>95624</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>87</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0.64150943396226423">64.2%</td>
<td class=xl8732469 x:num="278500">$278,500</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.32402912621359226">-32.4%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="847500">$847,500</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="140.11627906976744">$140</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.33601399382482255">-33.6%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Elverta</td>
<td class=xl8132469 align=right x:num>95626</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>10</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="1">100.0%</td>
<td class=xl8732469 x:num="157500">$157,500</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.25">-25.0%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="360000">$360,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="139.21957671957671">$139</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.33174603174603179">-33.2%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Fair Oaks</td>
<td class=xl8132469 align=right x:num>95628</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>48</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0.14285714285714279">14.3%</td>
<td class=xl8732469 x:num="367000">$367,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-3.4210526315789469E-2">-3.4%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="918000">$918,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="201.46520146520146">$201</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.2010496100205863">-20.1%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Folsom</td>
<td class=xl8132469 align=right x:num>95630</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>58</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-0.38947368421052631">-38.9%</td>
<td class=xl8732469 x:num="435000">$435,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-5.4347826086956541E-2">-5.4%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="725000">$725,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="194.36201780415431">$194</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.20531785823917204">-20.5%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Galt</td>
<td class=xl8132469 align=right x:num>95632</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>39</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0.77272727272727271">77.3%</td>
<td class=xl8732469 x:num="230000">$230,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.34751773049645385">-34.8%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="463000">$463,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="145.99877825290164">$146</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.32929256975479559">-32.9%</td>
</tr>
<tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Herald</td>
<td class=xl8132469 align=right x:num>95638</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>1</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0">0.0%</td>
<td class=xl8732469>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
<td class=xl8832469 width=91 style='width:68pt'>n/a</td>
<td class=xl8832469 width=77 style='width:58pt'>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Isleton</td>
<td class=xl8132469 align=right x:num>95641</td>
<td class=xl8532469 width=64 style='width:48pt'>n/a</td>
<td class=xl8632469 width=69 style='width:52pt'>n/a</td>
<td class=xl8732469>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
<td class=xl8832469 width=91 style='width:68pt'>n/a</td>
<td class=xl8832469 width=77 style='width:58pt'>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>North Highlands</td>
<td class=xl8132469 align=right x:num>95660</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>56</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="2.1111111111111112">211.1%</td>
<td class=xl8732469 x:num="123000">$123,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.44090909090909092">-44.1%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="1052590">$1,052,590</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="109.895337773549">$110</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.48271102704859781">-48.3%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Orangevale</td>
<td class=xl8132469 align=right x:num>95662</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>42</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0.5">50.0%</td>
<td class=xl8732469 x:num="250000">$250,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.29971988795518212">-30.0%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="461000">$461,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="196.96571077786547">$197</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.11764598473723076">-11.8%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Rancho Cordova</td>
<td class=xl8132469 align=right x:num>95670</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>41</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0.5185185185185186">51.9%</td>
<td class=xl8732469 x:num="201500">$201,500</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.48922686945500637">-48.9%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="585000">$585,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="153.40784796281105">$153</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.29897810019033144">-29.9%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Rio Linda</td>
<td class=xl8132469 align=right x:num>95673</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>14</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-0.22222222222222221">-22.2%</td>
<td class=xl8732469 x:num="175000">$175,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.46969696969696972">-47.0%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="320000">$320,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="142.44186046511629">$142</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.51975239650947858">-52.0%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Sloughhouse</td>
<td class=xl8132469 align=right x:num>95683</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>8</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-00.2">-20.0%</td>
<td class=xl8732469 x:num="425000">$425,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="6.649937264742789E-2">6.6%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="500000">$500,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="209.25652387986213">$209</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="5.1422024932863408E-2">5.1%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Wilton</td>
<td class=xl8132469 align=right x:num>95693</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>3</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-0.5">-50.0%</td>
<td class=xl8732469 x:num="515000">$515,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.22846441947565543">-22.8%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="600000">$600,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="317.72575250836121">$318</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-2.7106972418901698E-2">-2.7%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Elk Grove</td>
<td class=xl8132469 align=right x:num>95757</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>70</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="1.2580645161290325">125.8%</td>
<td class=xl8732469 x:num="315000">$315,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.34237995824634659">-34.2%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="565000">$565,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="135.62639821029083">$136</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.30411936918275473">-30.4%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Elk Grove</td>
<td class=xl8132469 align=right x:num>95758</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>114</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0.75384615384615383">75.4%</td>
<td class=xl8732469 x:num="254500">$254,500</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.26231884057971011">-26.2%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="680000">$680,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="146.95093993580926">$147</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.33267532022820789">-33.3%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Sacramento</td>
<td class=xl8132469 align=right x:num>95814</td>
<td class=xl8532469 width=64 style='width:48pt'>n/a</td>
<td class=xl8632469 width=69 style='width:52pt'>n/a</td>
<td class=xl8732469>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
<td class=xl8832469 width=91 style='width:68pt'>n/a</td>
<td class=xl8832469 width=77 style='width:58pt'>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
</tr>
<tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Sacramento</td>
<td class=xl8132469 align=right x:num>95815</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>30</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0.5">50.0%</td>
<td class=xl8732469 x:num="94000">$94,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.52644836272040307">-52.6%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="268000">$268,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="101.94174757281553">$102</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.44332055746642818">-44.3%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Sacramento</td>
<td class=xl8132469 align=right x:num>95816</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>14</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-0.125">-12.5%</td>
<td class=xl8732469 x:num="414000">$414,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="1.4705882352941124E-2">1.5%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="1275000">$1,275,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="332.47243604980713">$332</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-3.578577310031017E-2">-3.6%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Sacramento</td>
<td class=xl8132469 align=right x:num>95817</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>21</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0.16666666666666674">16.7%</td>
<td class=xl8732469 x:num="155000">$155,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.39215686274509809">-39.2%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="475000">$475,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="120.27491408934708">$120</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.49845463683020896">-49.8%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Sacramento</td>
<td class=xl8132469 align=right x:num>95818</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>16</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-0.27272727272727271">-27.3%</td>
<td class=xl8732469 x:num="413750">$413,750</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-3.6670547147846344E-2">-3.7%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="1300000">$1,300,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="310.29024701296117">$310</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-8.7753707855618091E-2">-8.8%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Sacramento</td>
<td class=xl8132469 align=right x:num>95819</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>16</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-0.51515151515151514">-51.5%</td>
<td class=xl8732469 x:num="389250">$389,250</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.11734693877551017">-11.7%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="902000">$902,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="335.22682782725064">$335</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-7.3164344060262287E-2">-7.3%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Sacramento</td>
<td class=xl8132469 align=right x:num>95820</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>54</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0.63636363636363646">63.6%</td>
<td class=xl8732469 x:num="106000">$106,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.56468172484599588">-56.5%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="320000">$320,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="99.787685774946922">$100</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.55113552462978199">-55.1%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Sacramento</td>
<td class=xl8132469 align=right x:num>95821</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>28</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0.55555555555555558">55.6%</td>
<td class=xl8732469 x:num="230000">$230,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.25806451612903225">-25.8%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="1160000">$1,160,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="188.74643874643874">$189</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.20601129088213954">-20.6%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Sacramento</td>
<td class=xl8132469 align=right x:num>95822</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>42</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="00.05">5.0%</td>
<td class=xl8732469 x:num="140000">$140,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.48339483394833949">-48.3%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="600000">$600,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="112.37157534246575">$112</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.51155821917808231">-51.2%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Sacramento</td>
<td class=xl8132469 align=right x:num>95823</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>90</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="1.5714285714285716">157.1%</td>
<td class=xl8732469 x:num="150000">$150,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.48275862068965514">-48.3%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="420000">$420,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="112.64720942140298">$113</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.44735174915601372">-44.7%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Sacramento</td>
<td class=xl8132469 align=right x:num>95824</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>28</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0.8666666666666667">86.7%</td>
<td class=xl8732469 x:num="107500">$107,500</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.46650124069478904">-46.7%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="228000">$228,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="98.253038194444457">$98</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.51292853626778445">-51.3%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Sacramento</td>
<td class=xl8132469 align=right x:num>95825</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>13</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-7.1428571428571397E-2">-7.1%</td>
<td class=xl8732469 x:num="185000">$185,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.40226171243941844">-40.2%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="350000">$350,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="168.35016835016836">$168</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.24969676296876309">-25.0%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Sacramento</td>
<td class=xl8132469 align=right x:num>95826</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>27</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-0.12903225806451613">-12.9%</td>
<td class=xl8732469 x:num="203000">$203,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.33442622950819667">-33.4%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="320000">$320,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="151.63689163821451">$152</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.28417759407611121">-28.4%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Sacramento</td>
<td class=xl8132469 align=right x:num>95827</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>20</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0.66666666666666674">66.7%</td>
<td class=xl8732469 x:num="210500">$210,500</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.32747603833865813">-32.7%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="375000">$375,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="138.78628278888121">$139</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.37403094102953061">-37.4%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Sacramento</td>
<td class=xl8132469 align=right x:num>95828</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>100</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="1.4390243902439024">143.9%</td>
<td class=xl8732469 x:num="155000">$155,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.45614035087719296">-45.6%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="575000">$575,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="113.3428981348637">$113</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.43361367099986936">-43.4%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Sacramento</td>
<td class=xl8132469 align=right x:num>95829</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>36</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0.56521739130434789">56.5%</td>
<td class=xl8732469 x:num="268000">$268,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.23646723646723644">-23.6%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="815000">$815,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="144.80700268470105">$145</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.36064896160077831">-36.1%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Sacramento</td>
<td class=xl8132469 align=right x:num>95831</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>37</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0.27586206896551735">27.6%</td>
<td class=xl8732469 x:num="335500">$335,500</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-8.5831062670299718E-2">-8.6%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="829500">$829,500</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="196.42857142857142">$196</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.13748657357679928">-13.7%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Sacramento</td>
<td class=xl8132469 align=right x:num>95832</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>33</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="2.6666666666666665">266.7%</td>
<td class=xl8732469 x:num="185000">$185,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.44108761329305135">-44.1%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="367500">$367,500</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="103.36763330215155">$103</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.47938872654122211">-47.9%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Sacramento</td>
<td class=xl8132469 align=right x:num>95833</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>29</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0.20833333333333326">20.8%</td>
<td class=xl8732469 x:num="192000">$192,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.38064516129032255">-38.1%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="395000">$395,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="129.36802973977694">$129</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.39989926849742174">-40.0%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Sacramento</td>
<td class=xl8132469 align=right x:num>95834</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>28</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="1.8">180.0%</td>
<td class=xl8732469 x:num="280000">$280,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.17647058823529416">-17.6%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="490000">$490,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="130.69989395546131">$131</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.44778097243469828">-44.8%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Sacramento</td>
<td class=xl8132469 align=right x:num>95835</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>45</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0">0.0%</td>
<td class=xl8732469 x:num="291500">$291,500</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.34494382022471914">-34.5%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="520000">$520,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="142.18138654031316">$142</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.29174446844603918">-29.2%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Sacramento</td>
<td class=xl8132469 align=right x:num>95837</td>
<td class=xl8532469 width=64 style='width:48pt'>n/a</td>
<td class=xl8632469 width=69 style='width:52pt'>n/a</td>
<td class=xl8732469>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
<td class=xl8832469 width=91 style='width:68pt'>n/a</td>
<td class=xl8832469 width=77 style='width:58pt'>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Sacramento</td>
<td class=xl8132469 align=right x:num>95838</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>48</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0.37142857142857144">37.1%</td>
<td class=xl8732469 x:num="139000">$139,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.41473684210526318">-41.5%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="237000">$237,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="103.44231171463969">$103</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.51348492741346596">-51.3%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Sacramento</td>
<td class=xl8132469 align=right x:num>95841</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>17</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0.54545454545454541">54.5%</td>
<td class=xl8732469 x:num="201500">$201,500</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.30993150684931503">-31.0%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="407000">$407,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="138.32417582417582">$138</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.24315891362523478">-24.3%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Sacramento</td>
<td class=xl8132469 align=right x:num>95842</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>40</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0.90476190476190466">90.5%</td>
<td class=xl8732469 x:num="172500">$172,500</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.36111111111111116">-36.1%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="310000">$310,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="134.323429105374">$134</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.42766538902927598">-42.8%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Antelope</td>
<td class=xl8132469 align=right x:num>95843</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>82</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0.90697674418604657">90.7%</td>
<td class=xl8732469 x:num="241000">$241,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.24213836477987416">-24.2%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="2400000">$2,400,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="138.38310269482884">$138</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.33852939651002345">-33.9%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Sacramento</td>
<td class=xl8132469 align=right x:num>95864</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>12</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-0.625">-62.5%</td>
<td class=xl8732469 x:num="370000">$370,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.30188679245283023">-30.2%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="1400000">$1,400,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="224.51456310679612">$225</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.26454471903501031">-26.5%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'></td>
<td class=xl8132469></td>
<td class=xl8532469 width=64 style='width:48pt'></td>
<td class=xl8632469 width=69 style='width:52pt'></td>
<td class=xl8732469></td>
<td class=xl8632469 width=71 style='width:53pt'></td>
<td class=xl8832469 width=91 style='width:68pt'></td>
<td class=xl8832469 width=77 style='width:58pt'></td>
<td class=xl8632469 width=71 style='width:53pt'></td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl9032469 colspan=2 style='height:12.75pt'
x:str="SURROUNDING AREAS ">SURROUNDING AREAS </td>
<td class=xl9132469></td>
<td class=xl9232469></td>
<td class=xl9232469></td>
<td class=xl9232469></td>
<td class=xl8232469></td>
<td class=xl8232469></td>
<td class=xl8232469></td>
</tr>
<tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Cool</td>
<td class=xl8132469 align=right x:num>95614</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>3</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-0.5">-50.0%</td>
<td class=xl8732469 x:num="275000">$275,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.24657534246575341">-24.7%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="350000">$350,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="212.89537712895378">$213</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.15384836445408767">-15.4%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Diamond Springs</td>
<td class=xl8132469 align=right x:num>95619</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>3</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0.5">50.0%</td>
<td class=xl8732469 x:num="185000">$185,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.40705128205128205">-40.7%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="315000">$315,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="143.1888544891641">$143</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.48598872747479549">-48.6%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>El Dorado</td>
<td class=xl8132469 align=right x:num>95623</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>2</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-0.33333333333333337">-33.3%</td>
<td class=xl8732469 x:num="228250">$228,250</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.33648255813953487">-33.6%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="243500">$243,500</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="212.4405412912522">$212</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="3.246103067548578E-2">3.2%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Garden Valley</td>
<td class=xl8132469 align=right x:num>95633</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>2</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-0.33333333333333337">-33.3%</td>
<td class=xl8732469 x:num="220000">$220,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.327217125382263">-32.7%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="220000">$220,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="258.8235294117647">$259</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.17683036517359241">-17.7%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Georgetown</td>
<td class=xl8132469 align=right x:num>95634</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>2</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0">0.0%</td>
<td class=xl8732469 x:num="213500">$213,500</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.72888888888888892">-72.9%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="244000">$244,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="170.20089285714283">$170</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.54429167376128051">-54.4%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Grizzly Flats</td>
<td class=xl8132469 align=right x:num>95636</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>1</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-0.5">-50.0%</td>
<td class=xl8732469 x:num="192500">$192,500</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.33620689655172409">-33.6%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="192500">$192,500</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="159.35430463576159">$159</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.1332360534291166">-13.3%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Placerville</td>
<td class=xl8132469 align=right x:num>95667</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>15</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-0.42307692307692313">-42.3%</td>
<td class=xl8732469 x:num="270000">$270,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.26027397260273977">-26.0%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="815000">$815,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="199.57983193277312">$200</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.17540687160940316">-17.5%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Rescue</td>
<td class=xl8132469 align=right x:num>95672</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>2</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-0.33333333333333337">-33.3%</td>
<td class=xl8732469>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
<td class=xl8732469>n/a</td>
<td class=xl8832469 width=77 style='width:58pt'>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Shingle Springs</td>
<td class=xl8132469 align=right x:num>95682</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>23</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-0.1785714285714286">-17.9%</td>
<td class=xl8732469 x:num="337500">$337,500</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.1964285714285714">-19.6%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="829000">$829,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="190.32663316582915">$190</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.16333965747102863">-16.3%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Somerset</td>
<td class=xl8132469 align=right x:num>95684</td>
<td class=xl8532469 width=64 style='width:48pt'>n/a</td>
<td class=xl8632469 width=69 style='width:52pt'>n/a</td>
<td class=xl8732469>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
<td class=xl8832469 width=91 style='width:68pt'>n/a</td>
<td class=xl8832469 width=77 style='width:58pt'>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Camino</td>
<td class=xl8132469 align=right x:num>95709</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>3</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-0.25">-25.0%</td>
<td class=xl8732469 x:num="200000">$200,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.54022988505747127">-54.0%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="525000">$525,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="175">$175</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.31781818181818189">-31.8%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Kyburz</td>
<td class=xl8132469 align=right x:num>95720</td>
<td class=xl8532469 width=64 style='width:48pt'>n/a</td>
<td class=xl8632469 width=69 style='width:52pt'>n/a</td>
<td class=xl8732469>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
<td class=xl8832469 width=91 style='width:68pt'>n/a</td>
<td class=xl8832469 width=77 style='width:58pt'>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Pollock Pines</td>
<td class=xl8132469 align=right x:num>95726</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>10</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-0.375">-37.5%</td>
<td class=xl8732469 x:num="250000">$250,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.2592592592592593">-25.9%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="432500">$432,500</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="183.8235294117647">$184</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.1483757682177349">-14.8%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>El Dorado Hills</td>
<td class=xl8132469 align=right x:num>95762</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>44</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-6.3829787234042534E-2">-6.4%</td>
<td class=xl8732469 x:num="495000">$495,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-9.1743119266055051E-2">-9.2%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="2300000">$2,300,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="187.96992481203009">$188</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.19453238359055536">-19.5%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>South Lake Tahoe</td>
<td class=xl8132469 align=right x:num>96150</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>30</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-0.31818181818181823">-31.8%</td>
<td class=xl8732469 x:num="357500">$357,500</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-4.1554959785522816E-2">-4.2%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="980000">$980,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="260.14568158168572">$260</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.15366593950457264">-15.4%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Soda Springs</td>
<td class=xl8132469 align=right x:num>95728</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>1</td>
<td class=xl8632469 width=69 style='width:52pt'>n/a</td>
<td class=xl8732469 x:num="675000">$675,000</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="675000">$675,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="502.23214285714283">$502</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Truckee</td>
<td class=xl8132469 align=right x:num>96161</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>3</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-0.25">-25.0%</td>
<td class=xl8732469 x:num="950000">$950,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="0.14457831325301207">14.5%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="1195000">$1,195,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="473.90109890109886">$474</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="0.19379203375625931">19.4%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Auburn</td>
<td class=xl8132469 align=right x:num>95602</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>7</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-0.22222222222222221">-22.2%</td>
<td class=xl8732469 x:num="290000">$290,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.5027861123017574">-50.3%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="605000">$605,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="199.20935788899442">$199</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.32006386828307298">-32.0%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Auburn</td>
<td class=xl8132469 align=right x:num>95603</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>18</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-00.1">-10.0%</td>
<td class=xl8732469 x:num="378000">$378,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.19144385026737964">-19.1%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="717000">$717,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="197.91666666666666">$198</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.15659448818897637">-15.7%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Foresthill</td>
<td class=xl8132469 align=right x:num>95631</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>5</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0">0.0%</td>
<td class=xl8732469 x:num="370000">$370,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-1.3333333333333308E-2">-1.3%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="431500">$431,500</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="206.34121791645697">$206</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-2.8090753160851634E-2">-2.8%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Lincoln</td>
<td class=xl8132469 align=right x:num>95648</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>76</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0.1692307692307693">16.9%</td>
<td class=xl8732469 x:num="320000">$320,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.2558139534883721">-25.6%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="665000">$665,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="140.58941920644048">$141</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.41693733598201677">-41.7%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Loomis</td>
<td class=xl8132469 align=right x:num>95650</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>9</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-0.30769230769230771">-30.8%</td>
<td class=xl8732469 x:num="875000">$875,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="0.69573643410852704">69.6%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="1175000">$1,175,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="258.60902604021874">$259</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.14929209941396704">-14.9%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Newcastle</td>
<td class=xl8132469 align=right x:num>95658</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>4</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-00.2">-20.0%</td>
<td class=xl8732469 x:num="460000">$460,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.29285165257494239">-29.3%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="730000">$730,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="242.0424403183024">$242</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.16697060123784258">-16.7%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Roseville</td>
<td class=xl8132469 align=right x:num>95661</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>19</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-0.38709677419354838">-38.7%</td>
<td class=xl8732469 x:num="340000">$340,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.2183908045977011">-21.8%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="635000">$635,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="186.60896650326799">$187</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.21347513547957198">-21.3%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Penryn</td>
<td class=xl8132469 align=right x:num>95663</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>1</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-0.66666666666666674">-66.7%</td>
<td class=xl8732469 x:num="522000">$522,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.19692307692307698">-19.7%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="522000">$522,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="185.23775727466287">$185</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.50627013157176393">-50.6%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Rocklin</td>
<td class=xl8132469 align=right x:num>95677</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>31</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0.9375">93.8%</td>
<td class=xl8732469 x:num="339000">$339,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.20794392523364491">-20.8%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="875000">$875,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="171.63759144625774">$172</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.21880834547357453">-21.9%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Roseville</td>
<td class=xl8132469 align=right x:num>95678</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>47</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0.46875">46.9%</td>
<td class=xl8732469 x:num="300000">$300,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.21052631578947367">-21.1%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="706000">$706,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="150.97690941385434">$151</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.3191884991119005">-31.9%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Alta</td>
<td class=xl8132469 align=right x:num>95701</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>2</td>
<td class=xl8632469 width=69 style='width:52pt'>n/a</td>
<td class=xl8732469 x:num="432500">$432,500</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="715000">$715,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="213.69572430792567">$214</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Colfax</td>
<td class=xl8132469 align=right x:num>95713</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>7</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0">0.0%</td>
<td class=xl8732469 x:num="237000">$237,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.30294117647058827">-30.3%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="370000">$370,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="202.99718196457326">$203</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-3.6856447417317084E-2">-3.7%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Emigrant Gap</td>
<td class=xl8132469 align=right x:num>95715</td>
<td class=xl8532469 width=64 style='width:48pt'>n/a</td>
<td class=xl8632469 width=69 style='width:52pt'>n/a</td>
<td class=xl8732469>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
<td class=xl8832469 width=91 style='width:68pt'>n/a</td>
<td class=xl8832469 width=77 style='width:58pt'>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Meadow Vista</td>
<td class=xl8132469 align=right x:num>95722</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>6</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0">0.0%</td>
<td class=xl8732469 x:num="415000">$415,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.20192307692307687">-20.2%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="825454">$825,454</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="244.07273802483738">$244</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-3.3089384537984268E-3">-0.3%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Weimar</td>
<td class=xl8132469 align=right x:num>95736</td>
<td class=xl8532469 width=64 style='width:48pt'>n/a</td>
<td class=xl8632469 width=69 style='width:52pt'>n/a</td>
<td class=xl8732469>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
<td class=xl8832469 width=91 style='width:68pt'>n/a</td>
<td class=xl8832469 width=77 style='width:58pt'>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Granite Bay</td>
<td class=xl8132469 align=right x:num>95746</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>22</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-0.15384615384615385">-15.4%</td>
<td class=xl8732469 x:num="813000">$813,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-1.4545454545454528E-2">-1.5%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="1375000">$1,375,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="242.25268176400476">$242</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.18030175964137196">-18.0%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Roseville</td>
<td class=xl8132469 align=right x:num>95747</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>67</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0.28846153846153855">28.8%</td>
<td class=xl8732469 x:num="375000">$375,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.10179640718562877">-10.2%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="730000">$730,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="174.01668653158521">$174</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.27294058255797216">-27.3%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Rocklin</td>
<td class=xl8132469 align=right x:num>95765</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>36</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0">0.0%</td>
<td class=xl8732469 x:num="361250">$361,250</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.12951807228915657">-13.0%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="1225000">$1,225,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="169.17276680500052">$169</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.2567431267110738">-25.7%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Carnelian Bay</td>
<td class=xl8132469 align=right x:num>96140</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>1</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-0.75">-75.0%</td>
<td class=xl8732469 x:num="695000">$695,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="0.39558232931726911">39.6%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="695000">$695,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="359.35884177869701">$359</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.17925007386615444">-17.9%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Homewood</td>
<td class=xl8132469 align=right x:num>96141</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>1</td>
<td class=xl8632469 width=69 style='width:52pt'>n/a</td>
<td class=xl8732469>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
<td class=xl8832469 width=91 style='width:68pt'>n/a</td>
<td class=xl8832469 width=77 style='width:58pt'>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Tahoma</td>
<td class=xl8132469 align=right x:num>96142</td>
<td class=xl8532469 width=64 style='width:48pt'>n/a</td>
<td class=xl8632469 width=69 style='width:52pt'>n/a</td>
<td class=xl8732469>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
<td class=xl8832469 width=91 style='width:68pt'>n/a</td>
<td class=xl8832469 width=77 style='width:58pt'>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Kings Beach</td>
<td class=xl8132469 align=right x:num>96143</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>1</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-0.75">-75.0%</td>
<td class=xl8732469 x:num="475000">$475,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-00.05">-5.0%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="475000">$475,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="554.90654205607473">$555</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="8.3177570093457831E-2">8.3%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Tahoe City</td>
<td class=xl8132469 align=right x:num>96145</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>6</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="1">100.0%</td>
<td class=xl8732469 x:num="712000">$712,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.14216867469879513">-14.2%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="3100100">$3,100,100</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="464.52702702702703">$465</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-1.385949202214265E-2">-1.4%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Olympic Valley</td>
<td class=xl8132469 align=right x:num>96146</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>4</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0">0.0%</td>
<td class=xl8732469 x:num="1025000">$1,025,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.37878787878787878">-37.9%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="5850000">$5,850,000</td>
<td class=xl8832469 width=77 style='width:58pt' x:num="446.32380204584615">$446</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.21717510113898264">-21.7%</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Tahoe Vista</td>
<td class=xl8132469 align=right x:num>96148</td>
<td class=xl8532469 width=64 style='width:48pt'>n/a</td>
<td class=xl8632469 width=69 style='width:52pt'>n/a</td>
<td class=xl8732469>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
<td class=xl8832469 width=91 style='width:68pt'>n/a</td>
<td class=xl8832469 width=77 style='width:58pt'>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Broderick</td>
<td class=xl8132469 align=right x:num>95605</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>8</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="0.33333333333333326">33.3%</td>
<td class=xl8732469 x:num="136500">$136,500</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.6751933372992267">-67.5%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="458000">$458,000</td>
<td class=xl8832469 width=77 style='width:58pt'>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Davis</td>
<td class=xl8132469 align=right x:num>95616</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>12</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-0.29411764705882348">-29.4%</td>
<td class=xl8732469 x:num="454500">$454,500</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.16986301369863011">-17.0%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="610000">$610,000</td>
<td class=xl8832469 width=77 style='width:58pt'>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>El Macero</td>
<td class=xl8132469 align=right x:num>95618</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>18</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-0.33333333333333337">-33.3%</td>
<td class=xl8732469 x:num="605500">$605,500</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="0.11819021237303784">11.8%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="1285000">$1,285,000</td>
<td class=xl8832469 width=77 style='width:58pt'>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Esparto</td>
<td class=xl8132469 align=right x:num>95627</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>3</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="2">200.0%</td>
<td class=xl8732469 x:num="220000">$220,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.54639175257731964">-54.6%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="300000">$300,000</td>
<td class=xl8832469 width=77 style='width:58pt'>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>West Sacramento</td>
<td class=xl8132469 align=right x:num>95691</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>49</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="1.3333333333333299">133.3%</td>
<td class=xl8732469 x:num="296000">$296,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.19455782312925174">-19.5%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="560000">$560,000</td>
<td class=xl8832469 width=77 style='width:58pt'>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Winters</td>
<td class=xl8132469 align=right x:num>95694</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>4</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="3">300.0%</td>
<td class=xl8732469 x:num="288750">$288,750</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.35402684563758391">-35.4%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="400000">$400,000</td>
<td class=xl8832469 width=77 style='width:58pt'>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Woodland</td>
<td class=xl8132469 align=right x:num>95695</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>24</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="9.0909090909090828E-2">9.1%</td>
<td class=xl8732469 x:num="251000">$251,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.32162162162162167">-32.2%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="380000">$380,000</td>
<td class=xl8832469 width=77 style='width:58pt'>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'>Woodland</td>
<td class=xl8132469 align=right x:num>95776</td>
<td class=xl8532469 width=64 style='width:48pt' x:num>11</td>
<td class=xl8632469 width=69 style='width:52pt' x:num="-0.26666666666666672">-26.7%</td>
<td class=xl8732469 x:num="290000">$290,000</td>
<td class=xl8632469 width=71 style='width:53pt' x:num="-0.27500000000000002">-27.5%</td>
<td class=xl8832469 width=91 style='width:68pt' x:num="310000">$310,000</td>
<td class=xl8832469 width=77 style='width:58pt'>n/a</td>
<td class=xl8632469 width=71 style='width:53pt'>n/a</td>
</tr> <tr class=xl8232469 height=17 style='height:12.75pt'>
<td height=17 class=xl8132469 style='height:12.75pt'></td>
<td class=xl8232469></td>
<td class=xl8232469></td>
<td class=xl8332469></td>
<td class=xl8232469></td>
<td class=xl8232469></td>
<td class=xl8232469></td>
<td class=xl8232469></td>
<td class=xl8332469></td>
</tr> <tr class=xl9432469 height=20 style='height:15.0pt'>
<td height=20 class=xl8432469 colspan=5 style='height:15.0pt'>Source:
DataQuick Information Systems, DQNews.com</td>
<td class=xl9432469></td>
<td class=xl9432469></td>
<td class=xl9432469></td>
<td class=xl9432469></td>
</tr>
</table>
</div></p>
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