Santa Clarita foreclosures and bank owned real estate has been lacking lately. The Notice of Defaults have been continued to be filed – however, those sellers are not stepping forward with having their home listed as a Short Sale.
They could be bank owned, and in a true “foreclosure” market, they mostly bank owned. Today, we are seeing as we have hedge funds and investment groups that are allowing their properties to go the way of Foreclosure.
Some are being sold short by our team and other Teams of Santa Clarita short sale experts. However, you would be surprised, as I am, at the numbers of NOD’s being filed and the difference between those owners short selling and not.
Because of the inherent advantages of short selling real estate – you would think that everyone would be on board.
That is not the case.
In a “normal” real estate market – we are about 1% foreclosure. That means that the real estate listings for sale total about 1% at any given time.
The question of today has to do with, “Where are the foreclosures and will there be a large release soon?” I would say the foreclosures are mostly being sold at auction and at bulk sale. As far as any “shadow inventory” – that is something that will not happen.
If the homes were the dots on the PacMan Screen and the investors were the PacMan – they are gobbling up the REO’s.
Stay Tuned – Do some Googling of real estate related terms in and around the Santa Clarita Valley cities to see who the real experts are.
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