Elk Grove Boulevard at Interstate 5, in one of Sacramento's fastest-growing suburbs. Collapse in mall values and ability to fill it up. The weakness in Sacramento's real estate market is no longer confined to housing. Commercial real estate is starting to soften up, starting with retail space. The shopping centers are not filling up like they used to for 10 years.
Think back now to mid-2004 when Sacramento County's median sales price for resale homes broke through the $300,000 barrier. Now they are going back down under.
So this is why we need the Homeowners and Bank Protection Act. Because it may be good for housing prices to go down, but we cannot have people thrown out of their homes, stuck with unpayable mortgages. We cannot have the banks collapse.
Monday, November 26
Sacramento Blues
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