Today’s reports for this week have just been compiled and are “data rich” when it comes to getting a handle on the Santa Clarita real estate market. We have divided up our Santa Clarita market update reports for each of the cities in the Santa Clarita Valley.
The reports on this page reference and have to do with Condo’s and town-homes in the cities of the SCV. You will see that we are facing a current “lacking of real estate inventory”. With all of the short sales that are entering the market, foreclosures and standard sales – they are getting scooped up by the “cash type” investors. With the changes over the past few years with FHA – our 3.5% down buyers are unable to compete with the cash investor at the present time.
However, we are watching as a shift is occurring in the Santa Clarita real estate world. Cash investors are slowing their roll with purchasing of Santa Clarita valley real estate. They are not as active as they were even last month. The other “glimmer of hope” about the condo and town-home market has to do with a news story about FHA loosening up their requirements for Condo’s and town-home complexes to allow for their financing.
I contributed to a story in “The Signal”, Santa Clarita’s local newspaper, yesterday. I talked about FHA and the changes as they were going to take place. I explained that it would cause FHA buyers to re-enter the market in droves, having been left in the cold when most of the town-home and condo complexes Expired from the “FHA approved” list late in 2011.
I continued to talk about needing more real estate inventory in the condo and town-home realm. When the FHA spot approvals start up again, and I for see they will with the changes in FHA regulations, we are going to need more inventory so Buyers using FHA loans can have something to buy!