So reported the Sacramento Bee recently. But you knew that already, right?

The article reports,

“The number of first-time home buyers has dwindled significantly, Chew said, adding that the local market is fueled by retirees and others who have built up equity in the Bay Area or elsewhere.”

That part I very much agree with — even though our office is in Cameron Park, many of our first time buyers are now looking in areas like Citrus Heights, Rancho Cordova, and the like.

Here’s something I didn’t know:

“The county’s topography, as well as the large percentage of lands under state and federal ownership, also limits where building can occur, he said. About 80 percent of residential development in the county’s 2004 general plan is directed toward the El Dorado Hills, Cameron Park, Shingle Springs and Diamond Springs areas, Fuz said, with only 20 percent planned for other parts of the county.”

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