Currently in the Santa Clarita real estate market, we stand at about 155 short sale "active" listings. Based on prior levels, and the increase to todays date, I am projecting that by December 2007, there will be closer to 300 Short Sales on the market in Santa Clarita, likely to be in the upper 200's.
The increase will be more pronounced during the fall/winter of 2007 mainly due to the sluggish real estate market, and the fact that fall and winter are historically slow months for real estate sales activity. More than that however, no matter what month it is, owners with adjustable rate mortgages, no equity, or even negative equity, will increasingly need to sell their home, and in many cases for a loss by way of Short Sale, in order to avoid a foreclosure. In order to perform a Short Sale (Short pay), the transaction must be approved by the owner's lender(s). Also, the owner must have a verifiable hardship (ie lost job, broke, can't afford payment, illness, etc).
During the fall and winter months, people tend to rack up even mroe debt due to holiday shopping sprees. Regardless of the holidays however, there would have been a natural increase in Short Sales due to the lack of home appreciation, and where mortgage rates have headed recently (up)!
The coming months will be very interesting times for the Santa Clarita real estate market! Keep checking back to this Santa Clarita Real Estate Insider blog, and http://www.thescvagent.com/ for the most relevant information around when it comes to buying or selling a home in Santa Clarita.
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