For the month of July, 2015, 2,339 homes sold in Sacramento County California, an increased of 11.4 percent compared to July, 2014. "Homes" include new and resale homes and condos.
Median sold price for homes in Sacramento County in July, 2015 was $275,000, an increased of 7 percent from $257,000 in July, 2014.
Median resale price of detached single-family homes in Sacramento County was $279,000, an increased of 7.3 percent from $260,000 in July, 2014.
In Placer County, 920 homes sold in July, 2015, an increase of almost 15 percent from last year and median sales price was $395,000, up 5.9 percent from last year.
In El Dorado County, 359 homes sold in July, 2014, up 22.5 percent from last year. Median price of all sales in El Dorado was $385,000., up 4 percent from last year.
In Yolo County, 243 homes sold in July, up almost 10 percent from last year. Median sales price in Yolo County was $370,000 in July, 2015, up about 11 percent from last year. (Source: Sacramento Bee)
If you are a homeowner and are seriously considering bankruptcy to eliminate or reduce your debts, increasing home values affects which Bankruptcy chapters you should file. If you have too much equity in your home and you would like to keep your home, you should not file a Chapter 7 Bankruptcy if the equity is in excess of what the California exemptions allow. Chapter 7 Bankruptcy is "liquidation". This means if you have assets that are not protected under the California exemptions, the Chapter 7 Trustee can liquidate your assets to pay your debts. You keep only the exempt amount. This is not a good option if you have equity in excess of the California exemptions and you want to keep your house.
If this sounds like your case, you might consider a Chapter 13 Bankruptcy where you can keep your home by paying the excess equity over the limit of the California exemptions to your creditors over a period of 60 months. Chapter 13 Bankruptcy is "reorganization". This means that the Chapter 13 Trustee will allow you to keep your home as long as you timely make your Chapter 13 Bankruptcy plan payments. The repayment plan does not necessarily means that you have to repay 100% of your debt back to your creditors. In many cases, you only repay a portion of your debt back. However, as home prices continue to increase, it might be the case where you repay back 100% of your debts. Delay can only hurt your bankruptcy case. Call to schedule an appointment with Muoi Chea, bankruptcy attorney to consider your options under the bankruptcy code.