Santa Clarita housing market update and Shadow Inventory

    Foreclosures and bank owned homesWhat is “shadow inventory” and what can it tell us about the future of real estate on a local Santa Clarita valley level?

    Shadow inventory consists of those homes that don’t have a final conclusion established.

    They are either bank owned, those properties that have had notice of defaults filed on them or properties that are headed to auction.

    Although some of the property types mentioned may seem to have a “final result” in store for them, it’s not that clear of a path.

    Bank Owned – These are homes that are owned by the bank. Most banks are not in the business of owning homes. They don’t want to directly. They want to lend money for homes and have the owner, the person who qualified for the loan, continue to pay their mortgage down over 30 years.

    They want that person to refinance from time to time and maybe even take money out to do updates, repairs or to pay off other bills.

    Each of these acts makes the financial institution money and remember, Financial Institutions like to make money.

    Some of the bank owned homes, those homes that went to foreclosure and where the bank is now responsible for their upkeep until they have a “final destination” established, are in a holding pattern.

    Consider: View the Current Santa Clarita REO and Foreclosure Listings!

    One of the examples of the bank owned “holding pattern” is a home that went the way of foreclosure that is tenant occupied. A case in which those tenants have a real, signed, executed and “enforceable” lease agreement in place. This would be a lease agreement they had with the prior owner, which the bank is honoring. That type of “bank owned home” is considered shadow inventory and won’t be for sale for the term of the lease if at all.

    We have literally Hundreds of Homes, condos and townhomes that are within the “shadow inventory” category in the Santa Clarita Valley Cities.

    Contact with us when you are ready – my phone number 661.400.1720 is in the header of this REMAX of Santa Clarita Blog.

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    Paris and Connor MacIvor

    Connor and Paris MacIvor are in the Top 1% of Realtors Nationwide, starting their real estate business in 1998 with RE/MAX Gateway - Santa Clarita Valley and Valencia CA. Their becoming licensed real estate consultants and representatives came from the horrible experience they had when they bought their first home. There were many things that the agent they had hired did not explain and disclose, which per law he should have. Getting that agent on the phone after they closed escrow and after he had gotten paid was impossible. Paris and Connor called the broker, the board of realtors, the office manager and all they received was the promise of a phone call back. The remedy did come, but not as fast and in the way they wanted. That act - that bad agent was the reason why Paris and Connor became Realtors. That was all they needed to vow to never let the same fate befall anyone else, that befell them. Today Connor and Paris are focused on client service. Protection and top-shelf service with regard to their real estate clientele. They primarily work within the Santa Clarita Valley and Valencia CA. However, for a referral, where 80+ of their business is referrals they have License and Will Travel to other parts of Ventura County, Los Angeles County, and Orange County to handle real estate transactions for those who trust their real estate operation. Writing on their Real Estate Blog is a passion. SCVnest.com/blog is where you will find over 10,000 real estate articles. Go to SCVnest.com/radio to listen to their latest real estate radio broadcast.

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