The BAD —
Foreclosures, either you love them or you hate them. At least most people have a stance about the bank owned inventory and the “mega money” that is involved. There has been another change to the “foreclosure rules” as of late. It was involving something called dual tracking, now deemed to be against the law. While a homeowner was seeking a Loan Modification with their bank – that banks foreclosure department would still press forward with the foreclosure process. While they were monitoring the Loan Modification route, they(the bank) were preparing their due diligence to take the property back or to sell it at auction, once the Loan Mod was denied.
Then Whammo – it hit. Loan Modification denied Mr/Mrs. Homeowner – BTW, your home just sold back to the bank. It has happened during our watch with our friends and past clients. However, this is now not kosher. That is the reason a lot of foreclosures have been cancelled and the Foreclosure Actions by the banks have screeched to a “quasi hault”.
Debt Forgiveness Act – Extended?
Congress is in session. One of the many items we are hoping for is that they will take a look at and re-approve is the Debt Forgiveness act. Originally implemented by Bush back in 2007, this solved the dilemma with short sale sellers being taxed on the difference between what they owed on their loan and how much the property was sold short for. There are a few different variations of the Debt Forgiveness that are going to be pitched – all extend the time of the current act that is in place. After sitting with short sale sellers and watching many of them break down in our offices. Only to watch them blame themselves for having their over time cut or being pink slipped. – I hope this gets re approved to give some relief to so many seeking alternative options, other than Foreclosure.
Inventory in the Santa Clarita Valley
While it’s not healed fully returning us to a “healthy market” – we are watching as new listings hit the market for sale on a daily basis. With very few exceptions there is something that enters the Santa Clarita resale market each day. To keep our Savvy real estate clients abreast of all of the new inventory and listings we have built a web portal that allows access to view each new listing as it hits the Santa Clarita market for sale. The access point of this is by you going to our Realty Website for Santa Clarita Valley and typing into the MacBoX the word “new”. Once you do you will be taken to this Stellar New Inventory site for Santa Clarita valley and the surrounding communities.
The GOOD —
Enjoy today’s podcast – We are on iTunes for both of our Santa Clarita radio shows – Tune in and please comment when you have a chance – Many Thanks….
Almost forgot – we just finished a site that displays all of the new real estate housing, new builders and new home sites within all of Southern California. This page give you a searchable map interface that is fed from all of the top new home sites on the web. When browsing for new housing on this platform, you will be able to see prices, available inventory and directions to each of the model home sites within the Santa Clarita valley and elsewhere in So. Cal. Have a look at our New Santa Clarita Homes website. We have also written content to keep you safe and well protected when approaching the purchase of new housing.