Show Notes for SCV Moves and Santa Clarita Real Estate Radio Show:
The closing numbers have been posted for July 2011 - when closing that month out, we have seen that the entire Santa Clarita Valley Real Estate market has been on the decline overall. Some months record an increase - but over a year's time - A 13% decrease in the Median Sales price is noteworthy.
In the trenches, showing Buyers in this current market, also gives value. There is a lot of inventory in the Santa Clarita Valley that is for sale, rendering active, that is actually not available. We have found that with some months pulsating at over the 60% short sale mark - some real estate agents are not updating the system to place properties into Back-up or Pending Status. They are either attempting to gain leads by keeping that particular listings status active, or they are not aware of how the system works. I am siding with the "part 1"(highlighted) of the explanation :-)
Where are the Foreclosures:
There is a lot of trading going on from bank to bank. The Foreclosure Process is alive and well in the Santa Clarita Valley. That is why our Rental Market is exploding. However, those properties are not entering the "for sale" market.
Either way - the banks are not getting into the business of property management. They are going to sell those assets at some time. The reason the inventory is not coming onto the "for sale" market at this time could have to do with the banks not wanting to further damage the declining real estate market. If they placed everything they are holding onto the market at once - it would cause much more damage than good.
Links and Web Resources spoken about during the broadcast:
- Santa Clarita City prices and Values
- Finding the "pre-foreclosures"
- Search the Multiple Listing Service
- Market Data - it is best used when Factual