More confusing foreclosure data was put out by RealtyTrac today. Essentially they are reporting that foreclosure filings across the nation were down 8% from August to September.
I say, “big deal”, they were up in August 2007 about 363% over August 2006. And the simple fact that there was an 8% decline in filings, still is a 246% increase over September 2006 filings!
The bottom-line is the foreclosure rates are very high, and it is creating downward pricing pressure in most corners of the country, and everywhere in between. I am aware of a few strong real estate markets, but they are the exception, not the rule right now. Don’t read too much into the numbers too much and glaze over with uncontrollable optimism.
Until this inventory of homes across the country goes down by several months supply such as in places like Santa Clarita, and most other arenas, we will continue to see seller’s struggle to sell their home in a short period of time to the few buyers on the table, while most of the potential buyers remain on the sidelines waiting for the “all clear” signal.
I’ll leave for another blog post, the signs to watch for, so you don’t miss the next “all clear” signal. You may need to look extra hard, because the media sure doesn’t like to report good news.
Remember…when buying or selling Santa Clarita real estate, call me 1st.
Robert Mickalson, Realtor
Vintage Sotheby’s International Realty
661.219.2260 or 661.373.2374
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