Weren't we promised twenty cents of the dollar deals with this greatest Recession since the Great Depression? Why aren't I seeing the Daily Foreclosure List in my email box presenting multitudes of opportunities?
Though it's obvious in the San Fernando Valley as I've driven around with clients trying to purchase a bank owned foreclosure home that there IS a shadow inventory as evidenced by all of the vacant homes.... this is not so evident in Hollywood.
The entire Hollywood real estate market is beset by only around 20% bank involved sales in the past six months, meaning a foreclosure or short sale property. We've studied other markets that are at 40% or worse.
There are certain longitudes and latitudes that one needs visit to see lots of this foreclosure inventory in Los Angeles and it's not around the Mann's Chinese.
But do not despair oh cash buyer wishing to cash in on the foreclosure free for all that has swept through such notable cities as Modesto, Fresno, and some other o's. There may yet be a little school of hard knocks for Hollywood as the continuing pressure on the real estate markets comes in the form of twelve percent unemployment in California.
It's about the jobs.
My brother works in the Camera department in the Film business in Hollywood. He helps film an episodic television show. With all the dependence this town has on the entertainment industry it is anecdotal and yet interesting to note that from his perspective there is still a lot of down economic news as people he used to work with are mentioning terms like short sale and foreclosure in regards to their own lives.
Not just the flagging film and television industries, but the migration of businesses big and small that are leaving Hollywood and the surrounding areas are helping to give rise to the notion that the foreclosure sale tidal wave may be just around the corner.
Will we see the foreclosure home sales with twenty to thirty offers in the first week like happened in the pseudo Hollywood south of Laguna Beach and Laguna Hills? It may get there and there's a few of reasons why.
The peak that happened and the many equity loans taken, coupled with the next wave of adjustable mortgage resets that will hit in the third quarter of this year all lead to the inescapable conclusion that we may see a foreclosure market in Hollywood like the dreaded South Orange County market of one and two years ago. Knowing your House VWalue is a sure way to see that the real estate market in Hollywood is very different from two to three years ago.
Do you stand to make a killing by purchasing a few deal homes in the coming months or are you looking for first time buyer help to navigate through a purchase, foreclosure or not?
It's easy to get a consultation appointment and discover what options you have, what strategies have worked for our clients and where exactly you will make your stand in Hollywood.
Thanks for reading this, Vince McEveety
Vince McEveety is a real estate agent with McEveety and Associates of Keller Williams Larchmont
Direct Phone: (310) 272-4935 vincemceveety@gmail.com
Vince McEveety specializes in Short Sales in Hollywood, Hollywood Loan Modification education, is a Hollywood Short Sale Realtor and certified Pre Foreclosure Specialist. With his team he has helped many families buy and sell foreclosure and short sale homes in this turbid market.
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