Buyers eager to capture bargains in the Santa Clarita Valley by purchasing Bank Owned Foreclosures pushed sales of single family homes to their highest level in months.  Existing single family home sales in the Santa Clarita Valley surprisingly posted the fourth consecutive month of gains, and the first year to year increase in 13 months.  In May, a total of 178 homes changed ownership, which is up 2.3% from a year ago, and surprisingly 17.9% higher than March!  After reaching the record high of 405 sales transactions in June of 2005, Santa Clarita home sales have been trending downward ever since.  April 2008's total was the first time since March of 2007 that the total was higher than the same period a year ago.

Is this sign that the market is slowly turning around?  Has the so called "bottom" come and gone?  Positive talk among local SCV Agents would suggest that might be the case.  Buyers are coming out in droves due to the low prices they haven't seen in years.  That accompanied by continuing low interest rates, is a recipe for potential future equity that most of these buyers missed out on during the last "boom" cycle.  Stay tuned for more updates... 

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