In the Santa Clarita Valley we were at 117 Foreclosures listed for sale amongst all of the cities located within the Santa Clarita Valley:
- Saugus
- Stevenson Ranch
- Valencia
- Castaic
- Canyon Country
- Newhall
- Acton
- Agua Dulce
That was two weeks ago. Today there are 80 REO/Bank Owned Foreclosures on the Market. I did not have time to break down DOM to see if they are priced in accordance with this declining market - but they very well might be.
Fannie Mae has slowed their release to a trickle - and other banks have followed suit. They are awaiting to see where exactly this disbursement of Government Monies are going to go. Are they actually going to go to banks that will be able to change Loans and Modify them for the individual "distressed" home owner?
Are they going to inject the money directly to the banks and still give them the choice on which loans to modify and which they won't? These are great questions and I hate to interpret the legalese with regard to what I have read on line. It would appear that the banks still have a choice. But we will wait until March 4, 2009 to see what exactly is going to happen.
One thing is for certain - the market has turned from being a Buyers market to a Sellers Market - With inventory dwindling and buyers out there wanting to buy - this market has caused stress on those buyers that have written multiple offers in an attempt to procure their piece of the Foreclosure Market.
We understand your pain and do everything we can to ease it. Full Disclosure - explaining the process - covering all the bases and re-explaining are staples that REMAX and The Paris911 Team believe in. There are some agents out in the world that are not taking the time to educate the buyer at large. They are too quick on the trigger for that apparently.
We meet with every prospective buyer and seller in our offices so we can cover everything that they can expect to come from the current Real Estate Market - and that saves a huge amount of time and saves from the misunderstandings that typically come about due to any Real Estate Market condition.
I am off the soap box now and would appreciate your remarks and comments.
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