Santa Clarita foreclosure update for Christmas Eve.
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We have put together another wonderful radio show this week it our Wednesday foreclosure update.
During our real estate radio shows we do talk about the local Santa Clarita real estate inventory.
We also get into other information that relates to the local Santa Clarita real estate market.
During our shows we always entertain questions that are sent to us via email. You can always send an email question by going to our main site at Paris911.com and clicking on the yellow shoot us an email banner at the top part of the screen.
When you do, we will get the question that you have sent, and answer it on the subsequent housing radio show.
On today's foreclosure update, we see that foreclosure inventory is quite thin. Only 10 active foreclosure listings currently listed within the Santa Clarita Valley cities. Those cities include, of course, Santa Clarita, Acton, Castaic, Canyon Country, Newhall, Stevenson Ranch, Saugus, Valencia, and other cities that we throw into the mix.
But, for recap purposes, we are only focused on the Santa Clarita Valley cities, at least for today's real estate radio show.
Looking at the short sales and notice of default filings, within the local market, has us tracking a total of 49 active short sale listings.
On the radio show we did discuss the differences between short pays and short sales. Which there aren't any.
Short pay was a term used prior to this last foreclosure market.
Short pays and short sales are the same thing. It is the act of a property owner, wanting to sell their property for less than what they owe the mortgage holder. The mortgage holder could be a private person, if we chose to finance real estate we own we could have extended a loan to somebody that wants to buy it.
Or it could be, a more traditional lender, which would be a bank, hedge fund mortgage group, or private lender.
There are a lot of moving parts in a short sale. It all begins with the owner realizing that they may not be able to make the mortgage payments. This could be for a reason that has to do with the original type of financing they secured on their home loan when they were originally purchasing.
It could also be something that the homeowner did after they originally financed the home that they are starting to experience to stress within. Such as a refinance into a loan program that could cause potential damage.
It could be that their particular loan was adjustable in nature.
It could be that there particular loan had a balloon payment do it some point in the future.
It could also be that there particular loan had some awesome interest-rate, where half of it was accuring in an account, while they only paid half the interest. That was known as a negative amortization product, in the lending world. I was never a big fan of the negative amortization loan.
Although the numbers of short sales have reduced in the Santa Clarita Valley cities, if you are experiencing hardship you definitely want to follow up with an expert that is handling the short sale process before.
Furthermore, if you have one of the particular loan types that I had spoken about, you may want to do some damage control before you start to experience the squeeze, or before the note is due, or your interest-rate adjusts to a level that you cannot pay.
Today's recap for a foreclosure show is going to cover a lot of different things, the local inventory, short sales, bank owned foreclosures, and give some Intel with regard to what those different property types are.
Ture into our show each and every day, it is hosted at Paris911.com. You can listen to past episodes as well.
And our format is as follows. Monday is our market update Mondays. On Tuesdays we have our travel Tuesdays broadcast. On Wednesdays, that's today, we do this foreclosure and REO recap. On Thursdays we have our truth in lending Thursdays broadcast. On Fridays we host our Friday finale broadcast which talks about price changes in the local real estate markets. On Saturdays we have our sold Saturday broadcast and gives you insight between sold properties and those that are active and listed for sale, and past sold real estate listings giving you an indicator of market health or sickness. And on Sundays we talk about Santa Clarita open houses. We talk about her Santa Clarita open houses.com resource. That gives you information on what you should and should not give up on visiting an open house. We also get into how to make sure the open house is actually still for sale.
I'm Connor MacIvor Remax is Paris and I'm wanting more headquartered at Remax a Valencia offices and Remax to Santa Clarita.
We look forward to assisting you with your real estate needs. And we hope you enjoyed today's radio show that I uploaded to YouTube early this morning. Merry Christmas.