Sunday’s Press Democrat included two stories on the rental housing market. But Chris Peterson and Brian Burke, who I interviewed for one article, also had a few thoughts on what’s happening in the region’s housing market.
In recent years the two men have been Sonoma County’s biggest buyers of foreclosed homes. Now their investment firm, Praxis Capital, is embarking on a new strategy. They want to buy and rent out single-family homes in the Central Valley and do the same with apartment complexes in Texas.
They said they have purchased about 200 foreclosures in Northern California in the past two years. (Burke previously purchased foreclosures on his own for many years.) And they think home prices will fall again this year.
“I know we have not hit bottom in areas that have a lot of foreclosures, and Sonoma County would be one of them,” Peterson said. “My best guess is we will hit bottom in 2011.”
They also shared a view offered repeatedly over the past year by real estate agentswho specialize in selling distressed property. They said there still are a lot of homes to be lost in foreclosure.
“There’s probably a good three years of significant volume, maybe four,” said Burke.