One of the news stories on the radar that I reported on our The Santa Clarita Real Estate daily show, Home Ownership at the lowest point in 50 years. There are several economic factors that attribute to this – but Job Loss and Downsizing are both number 1. Strategic short sales also enter the picture, depending on the situation, it may be a distressed homeowner’s only option. (More intel about Strategic Short Sales – go to Paris911 dot com and type the word “Strategic” into the MacBoX) Read the article on DS news
The most amazing thing that I think I have seen, being spurred by the major banks, are the “apparent” games. Promising a loan modification and during that process, dumping the property into auction. Selling a home that is within the approval stage of a Short Sale. Mailing letters stating “Principal Reductions” guaranteed, then nothing. Not even the hope of a reduction, after all of the time spent doing the huge amounts of paperwork and revealing everything that was not known about a very personal situation. Here is a little more intel about the ways some banks operate.
Slumlord anyone? Maybe a bit harsh, but for the Banks to be labeled “SlumLords”, well I just don’t know about that one. With all of the distressed inventory, it is a wonder they are able to keep up at all. We have the same issues coming up in the Santa Clarita Valley Cities. Foreclosures that have been abandoned. If they are located within established neighborhoods, we find that the neighbors take care of them. At least from a landscape perspective. They don’t want their neighborhood looking trashy, any more than the next fella. Eventually, the banks catch up and gain control over these abandoned pieces of real estate. If you have such a plight next to you – please reach out and connect with us and our Abandoned Property Resource. If you are within the Santa Clarita Valley – click here to go to the Abandoned Real Estate Resource for Santa Clarita Valley
Here is the link to the article accusing the banks of being no better than slumlords: click here
Enjoy our show – this Santa Clarita real estate update was done 100% from my car 🙂 It only takes a while to upload the video with a slow 4g connection. Be Safe and let either Paris or I know if you need anything… LOL – 95% from my car, I had to get the video uploaded via Starbucks – It was taking forever 🙂 – I’ll keep you posted as to when the video will be uploaded 🙂 – Be Safe and thanks for reading…