To Buy Or Not To Buy In Santa Clarita Or Anywhere USA????

I've been asked this question alot due to the current market we are dealing with here in Santa Clarita, Ca and my response is always the same, every market whether up or down has a purchasing strategy. Things you should take into consideration when purchasing, time horizon and reason for buying, mortgage interest deduction, the new $8000 dollar tax credit from the 2009 economic stimulus plan, and the fact that the current interest rates are approaching all time record lows.
If your finances are solid and you can afford the home you want with a conventional mortgage and you're buying for the long haul the time may be right. And for some buyers, the market is secondary to the reality of family life. Some examples are the impending arrival of a new baby or job relocation, these may be the deciding factor to whether now is the "right time" to buy.

The key to success in buying discounted property is a clear understanding of a home's true value. Being able to spot a property that is below market value is critical to successful real estate investing. With that knowledge in hand, buying low and selling high becomes a simple matter of waiting for the right property to appear.

For investors and first-time home-buyers, remember that all real estate is local, and some markets are doing better than others. If you're a buyer, the current real estate market may be the opportunity of a lifetime to purchase a home at a reduced price. If you are looking for a discounted home, you may be able to save thousands of dollars if you shop wisely. As a Realtor focusing on helping homeowners avoid foreclosure through the short sale process, I've witnessed lenders approve short sale transaction 15 to 20% below fair market value. This is an amazing opportunity for those in a position to wait the time it takes to get these deals approved.

If you're a first-time home-buyer and you've never purchased a home, let alone a distressed property, it is beneficial to contact a local real estate agent who specializes in distressed properties, they can guide you through the process of buying a short sale or REO. An educated agent will make sure they know your priorities. Ask any potential agents if they have experience with distressed properties, especially for first-time buyers, a good agent can be a comforting and helpful resource.

If your interested in buying in Santa Clarita, the San Fernando Valley, or Ventura County we'd like the opportunity to earn your confidence and business. Please view our website at http://www.riccosellshomes.com/ to learn more about us. You can also login into http://www.santaclaritavalleyhomesforsale.listingbook.com/ to monitor the value of a property with a Daily Market Analysis and search for homes. You can Contact Jennifer & Gary Ricco, Certified Distressed Property Experts, at Keller Williams VIP Properties. Office # 661.290.3837

Santa Clarita Where's Your Housing Market Stimulus????

For some time know I have been following the national number of mortgages that are in default. The percentage is based on 45,000,000 mortgages which are seasonally adjusted. For those who think we are anywhere near the bottom of this market take a look at this graph. The onset of foreclosures we will face this year is staggering compared to last year.

click here to see what 60 minutes has to say.

http://www.cbsnews.com/video/watch/?id=4668112n&tag=topHome;topStory

These numbers were provided by the Mortgage Bankers Association on November 12, 2008, which they distribute quarterly. They are based on 45,000,000 mortgages and are seasonally adjusted. Here are their numbers for Q1 thru Q3 of 2008.

National numbers on all Mortgages
2.97% in foreclosure
6.99% in default (30+ days late)
9.96% Total in Default 3 out of 100

National numbers on Prime Mortgages
1.58% in foreclosure
4.34% in default (30+ days late)
5.92% Total in default 6 out of 100

National numbers of Subprime Mortgages
12.55% in foreclosure
20.02% in default (30+ days late)
32.57% Total in default 1 out of 3

National numbers of FHA Mortgages
2.32% in foreclosure
12.92% in default (30+ days late)
15.24 Total in default

National numbers of VA Mortgages
1.46% in foreclosure
7.28% in default (30+ days late)
8.74% Total in default approaching 1 out of 10

As you can see the numbers in default are much higher then those in foreclosure, reason being is the government put a moratorium on foreclosures which has slowed the foreclosure process. Also Freddie Mac and Fannie Mae have publically stated they want to move distressed assets through short sales vs acquisition and REO.

Given the market conditions many communities are facing, the need to understand distressed properties is no longer a luxury, this has become a requirement for every Realtor. In some subdivisions as many as 50% or more of the properties active on the MLS are distressed (pre-foreclosure, short sale, bank owned). With 50% of an area's listings being distressed, we have seen as high as 80% or more of an area's closings come from distressed properties. If your struggling to make your mortgage payment or have been unable to make your mortgage payment, time is running out. Don't become a victim of one of the, "Stop Foreclosure Scams" Take this time to talk with a Certified Distressed Property Expert, the consultation is free, educational and confidential.

If your looking for a Realtor who understands this market and has your best interest in mind, please contact your Santa Clarita Short Sale Experts, Jennifer & Gary Ricco at Keller Williams VIP Properties. (Certified Distressed Property Experts) 661.290.3837 or visit us at http://www.riccosellshomes.com/

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable.The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.More information, including detailed examples can be found in Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments. Also see IRS news release IR-2008-17.

The following are the most commonly asked questions and answers about The Mortgage Forgiveness Debt Relief Act and debt cancellation:

What is Cancellation of Debt? If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes, depending on the circumstances. When you borrowed the money you were not required to include the loan proceeds in income because you had an obligation to repay the lender. When that obligation is subsequently forgiven, the amount you received as loan proceeds is normally reportable as income because you no longer have an obligation to repay the lender. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt.Here’s a very simplified example. You borrow $10,000 and default on the loan after paying back $2,000. If the lender is unable to collect the remaining debt from you, there is a cancellation of debt of $8,000, which generally is taxable income to you.

Is Cancellation of Debt income always taxable? Not always. There are some exceptions. The most common situations when cancellation of debt income is not taxable involve:
Qualified principal residence indebtedness: This is the exception created by the Mortgage Debt Relief Act of 2007 and applies to most homeowners.

Bankruptcy: Debts discharged through bankruptcy are not considered taxable income.

Insolvency: If you are insolvent when the debt is cancelled, some or all of the cancelled debt may not be taxable to you. You are insolvent when your total debts are more than the fair market value of your total assets.

Certain farm debts: If you incurred the debt directly in operation of a farm, more than half your income from the prior three years was from farming, and the loan was owed to a person or agency regularly engaged in lending, your cancelled debt is generally not considered taxable income.

Non-recourse loans: A non-recourse loan is a loan for which the lender’s only remedy in case of default is to repossess the property being financed or used as collateral. That is, the lender cannot pursue you personally in case of default. Forgiveness of a non-recourse loan resulting from a foreclosure does not result in cancellation of debt income. However, it may result in other tax consequences.
These exceptions are discussed in detail in Publication 4681.What is the Mortgage Forgiveness Debt Relief Act of 2007?The Mortgage

Forgiveness Debt Relief Act of 2007 was enacted on December 20, 2007 (see News Release IR-2008-17). Generally, the Act allows exclusion of income realized as a result of modification of the terms of the mortgage, or foreclosure on your principal residence.

What does exclusion of income mean?Normally, debt that is forgiven or cancelled by a lender must be included as income on your tax return and is taxable. But the Mortgage Forgiveness Debt Relief Act allows you to exclude certain cancelled debt on your principal residence from income. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

Does the Mortgage Forgiveness Debt Relief Act apply to all forgiven or cancelled debts? No. The Act applies only to forgiven or cancelled debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes. In addition, the debt must be secured by the home. This is known as qualified principal residence indebtedness. The maximum amount you can treat as qualified principal residence indebtedness is $2 million or $1 million if married filingseparately.

Does the Mortgage Forgiveness Debt Relief Act apply to debt incurred to refinance a home? Debt used to refinance your home qualifies for this exclusion, but only to the extent that the principal balance of the old mortgage, immediately before the refinancing, would have qualified. For more information, including an example, see Publication 4681.How long is this special relief in effect?It applies to qualified principal residence indebtedness forgiven in calendar years 2007 through 2012.Is there a limit on the amount of forgiven qualified principal residence indebtedness that can be excluded from income?There is no dollar limit if the principal balance of the loan was less than $2 million ($1 million if married filing separately for the tax year) at the time the loan was forgiven. If the balance was greater, see the instructions to Form 982 and the detailed example in Publication 4681.If the forgiven debt is excluded from income, do I have to report it on my tax return?Yes. The amount of debt forgiven must be reported on Form 982 and this form must be attached to your tax return.Do I have to complete the entire Form 982?No. Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Adjustment), is used for other purposes in addition to reporting the exclusion of forgiveness of qualified principal residence indebtedness. If you are using the form only to report the exclusion of forgiveness of qualified principal residence indebtedness as the result of foreclosure on your principal residence, you only need to complete lines 1e and 2. If you kept ownership of your home and modification of the terms of your mortgage resulted in the forgiveness of qualified principal residence indebtedness, complete lines 1e, 2, and 10b. Attach the Form 982 to your tax return.Where can I get this form?If you use a computer to fill out your return, check your tax-preparation software. You can also download the form at IRS.gov, or call 1-800-829-3676. If you call to order, please allow 7-10 days for delivery.

How do I know or find out how much debt was forgiven? Your lender should send a Form 1099-C, Cancellation of Debt, by February 2, 2009. The amount of debt forgiven or cancelled will be shown in box 2. If this debt is all qualified principal residence indebtedness, the amount shown in box 2 will generally be the amount that you enter on lines 2 and 10b, if applicable, on Form 982.

Can I exclude debt forgiven on my second home, credit card or car loans? Not under this provision. Only cancelled debt used to buy, build or improve your principal residence or refinance debt incurred for those purposes qualifies for this exclusion. See Publication 4681 for further details.

If part of the forgiven debt doesn't qualify for exclusion from income under this provision, is it possible that it may qualify for exclusion under a different provision? Yes. The forgiven debt may qualify under the insolvency exclusion. Normally, you are not required to include forgiven debts in income to the extent that you are insolvent. You are insolvent when your total liabilities exceed your total assets. The forgiven debt may also qualify for exclusion if the debt was discharged in a Title 11 bankruptcy proceeding or if the debt is qualified farm indebtedness or qualified real property business indebtedness. If you believe you qualify for any of these exceptions, see the instructions for Form 982. Publication 4681 discusses each of these exceptions and includes examples.
I lost money on the foreclosure of my home. Can I claim a loss on my tax return? No. Losses from the sale or foreclosure of personal property are not deductible.

If I sold my home at a loss and the remaining loan is forgiven, does this constitute a cancellation of debt? Yes. To the extent that a loan from a lender is not fully satisfied and a lender cancels the unsatisfied debt, you have cancellation of indebtedness income. If the amount forgiven or canceled is $600 or more, the lender must generally issue Form 1099-C, Cancellation of Debt, showing the amount of debt canceled. However, you may be able to exclude part or all of this income if the debt was qualified principal residence indebtedness, you were insolvent immediately before the discharge, or if the debt was canceled in a title 11 bankruptcy case. An exclusion is also available for the cancellation of certain nonbusiness debts of a qualified individual as a result of a disaster in a Midwestern disaster area. See Form 982 for details.

If the remaining balance owed on my mortgage loan that I was personally liable for was canceled after my foreclosure, may I still exclude the canceled debt from income under the qualified principal residence exclusion, even though I no longer own my residence? Yes, as long as the canceled debt was qualified principal residence indebtedness. See Example 2 on page 13 of Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments.Will I receive notification of cancellation of debt from my lender?Yes. Lenders are required to send Form 1099-C, Cancellation of Debt, when they cancel any debt of $600 or more. The amount cancelled will be in box 2 of the form.What if I disagree with the amount in box 2?Contact your lender to work out any discrepancies and have the lender issue a corrected Form 1099-C.

How do I report the forgiveness of debt that is excluded from gross income? 1) Check the appropriate box under line 1 on Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) to indicate the type of discharge of indebtedness and enter the amount of the discharged debt excluded from gross income on line 2. Any remaining canceled debt must be included as income on your tax return.(2) File Form 982 with your tax return.

My student loan was cancelled; will this result in taxable income? In some cases, yes. Your student loan cancellation will not result in taxable income if you agreed to a loan provision requiring you to work in a certain profession for a specified period of time, and you fulfilled this obligation.Are there other conditions I should know about to exclude the cancellation of student debt?Yes, your student loan must have been made by:
(a) the federal government, or a state or local government or subdivision;(b) a tax-exempt public benefit corporation which has control of a state, county or municipal hospital where the employees are considered public employees; or(c) a school which has a program to encourage students to work in underserved occupations or areas, and has an agreement with one of the above to fund the program, under the direction of a governmental unit or a charitable or educational organization.

Can I exclude cancellation of credit card debt? In some cases, yes. Nonbusiness credit card debt cancellation can be excluded from income if the cancellation occurred in a title 11 bankruptcy case, or to the extent you were insolvent just before the cancellation. See the examples in Publication 4681.How do I know if I was insolvent?You are insolvent when your total debts exceed the total fair market value of all of your assets. Assets include everything you own, e.g., your car, house, condominium, furniture, life insurance policies, stocks, other investments, or your pension and other retirement accounts.

How should I report the information and items needed to prove insolvency? Use Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) to exclude canceled debt from income to the extent you were insolvent immediately before the cancellation. You were insolvent to the extent that your liabilities exceeded the fair market value of your assets immediately before the cancellation.To claim this exclusion, you must attach Form 982 to your federal income tax return. Check box 1b on Form 982, and, on line 2, include the smaller of the amount of the debt canceled or the amount by which you were insolvent immediately prior to the cancellation. You must also reduce your tax attributes in Part II of Form 982.

My car was repossessed and I received a 1099-C; can I exclude this amount on my tax return? Only if the cancellation happened in a title 11 bankruptcy case, or to the extent you were insolvent just before the cancellation. See Publication 4681 for examples.Are there any publications I can read for more information?Yes.(1) Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals) is new and addresses in a single document the tax consequences of cancellation of debt issues.(2) See the IRS news release IR-2008-17 with additional questions and answers on IRS.gov.

Page Last Reviewed or Updated: January 12, 2009

To go directly to the IRS website click the link below:

http://www.irs.gov/individuals/article/0,,id=179414,00.html

Santa Clarita Homeowners Beware Of The Property Tax Scams Out There, YOU Need To Read This!

Here is the latest scam that is going on which was brought to our attention by our clients as well as at our recent Keller Williams Office meeting. Private companies are trying to take advantage of homeowners who are upside down on their property values. Homeowners have been receiving a notice in the mail stating that they need to pay anywhere between $100-$200 to apply for a property tax reduction. The letter also goes on to say that there is an imposed timeline in which you have to file with their company before They charge a late fee. There are various companies that are crawling out of the woodwork to scam homeowners into thinking they must respond to these letters. I am here to get the word out to you . There are no fees associated with applying for a property tax reduction through the County Assessors office Period!! only a government agency can issue such notices, it is a violation of California laws. If you or someone you know receives an illegal solicitation, please contact the Los Angeles County Department of Consumer Affairs by phone at (800) 973-3370 or visit their website.

Another issue that our clients are concerned with is seeing a 2% tax increase in their property taxes in this declining market. You may ask yourself but how can my taxes increase when property values are decreasing? Here's how it works. Unless you own a single family home or condo that you bought after July 1, 2004, the value of your property as shown on the property tax bill probably went up by 2% from last year. You might wonder how is this possible when real estate values are dropping. The answer is in the way property is valued under Proposition 13. Generally speaking, the assessed value of your property under Proposition 13 is established when you either buy or build the property. This is called the "base year value". This base year value can only increase by 2% each year, even if the market value of the property increases at a significantly higher rate. In a rapidly increasing real estate market, like we experienced in the early 2000's, the difference between the assessed value of your property and the actual market value can be substantial. For example, If you purchased your home in 2000 for $240,000, the base year value is $240,000. By 2004, the actual market value of your property had increased to $420,000 but the assessed value, limited by 2% annual increases, had only increased to $259,782. In 2005, the market value of your property began to drop. Even though the drop was significant, all the way down to $320,000 by 2008, it was still more than the 2008 assessed value of $281,194. If at some point in the future, the market value of your property drops below the assessed value, the 2% will not be applied and the actual market value of your property will be the assessed value for that year.

Santa Clarita Short Sale & Bank Owned Properties For Sale February 3, 2009

Santa Clarita Short Sales & Bank Owned Properties. As your Santa Clarita Real Estate Specialist I am here to provide you with the most current short sale and bank owned property statistics in the Santa Clarita. As of today's date February 3, 2009 here is the current average list price and days on market for Stevenson Ranch, Valencia, Saugus, Newhall, Canyon Country, and Castaic.



ACTIVE BANK OWNED LISTINGS IN STEVENSON RANCH FEBRUAURY 3, 2009:
There are 6 single family homes sale.
Average List Price: $549,850 Days on Market: 75
From 1/10/2000 - 02/03/2009 there were 3 homes sold, the average sale price was $575,666 days on market 48.
The bank owned homes sold $25,816 above the average list price.
There are 8 homes in back up or pending status.

ACTIVE SHORT SALE LISTINGS IN STEVENSON RANCH FEBRUARY 3, 2009:
There are 21 single family homes sale.
Average List Price: $537,185 Days on Market: 98
From 1/10/2009 - 02/03/2009 there were 2 homes sold, the average sale price was $438,500 day on market 27.
The short sale homes sold for $98,685 below the average list price.
There are 14 homes in back up or pending status.
Short sale homes in Stevenson Ranch are listed for and selling for less then the bank owned homes.

ACTIVE BANK OWNED LISTINGS IN STEVENSON RANCH JANUARY 10, 2009:
There are 10 single family homes sale.
Average List Price: $535,800 Days on Market: 32
From 12/13/2008 - 01/10/2009 there were 5 homes sold, the average sale price was $549,780 days on market 33.
The bank owned homes sold $13,980 above the average list price.
There are 6 homes in back up or pending status.

ACTIVE SHORT SALE LISTINGS IN STEVENSON RANCH JANUARY 10, 2009:
There are 26 single family homes sale.
Average List Price: $537,987 Days on Market: 93
From 12/13/2008 - 01/10/2009 there were 2 homes sold, the average sale price was $490,500 day on market 27.
The short sale homes sold for $47,487 below the average list price.
There are 8 homes in back up or pending status.
Short sale homes in Stevenson Ranch are listed for and selling for less then the bank owned homes.

ACTIVE BANK OWNED LISTINGS IN VALENCIA FEBRUARY 3, 2009:
There are 18 single family homes sale.
Average List Price: $492,100 Days on Market: 43
From 1/10/2009 - 02/03/2009 there were 6 homes sold, the average sale price was $456,491 days on market 35.
The bank owned homes sold for $35,609 below the average list price.
There are 30 homes in back up or pending status.

ACTIVE SHORT SALE LISTINGS IN VALENCIA FEBRUARY 3, 2009:
There are 81 single family homes sale.
Average List Price: $461,054 Days on Market: 119
From 1/10/2000 - 02/03/2009 there were 3 homes sold, the average sale price was $396,666 days on market 121.
The short sale homes sold for $64,388 below the average list price.
There are 42 properties in back up or pending status.
Short sale homes in Valencia are listed for and selling for less then bank owned homes.

ACTIVE BANK OWNED LISTINGS IN VALENCIA JANUARY 10, 2009:
There are 10 single family homes sale.
Average List Price: $532,800 Days on Market: 32
From 12/13/2009 - 01/10/2009 there were 13 homes sold, the average sale price was $442,730 days on market 34.
The bank owned homes sold for $90,070 below the average list price.
There are 6 homes in back up or pending status.

ACTIVE SHORT SALE LISTINGS IN VALENCIA JANUARY 10, 2009:
There are 85 single family homes sale.
Average List Price: $457,265 Days on Market: 119
From 12/13/2008 - 01/10/2009 there were 9 homes sold, the average sale price was $391,266 days on market 194.
The short sale homes sold for $65,999 below the average list price.
There are 36 properties in back up or pending status.
Short sale homes in Valencia are listed for and selling for less then bank owned homes.

ACTIVE BANK OWNED LISTINGS IN SAUGUS FEBRUARY 03, 2009:
There are 20 single family homes sale.
Average List Price: $371,271 Days on Market: 60
From 1/03/2009 - 02/03/2009 there were 10 homes sold, the average sale price was $412,818 day on market 30.
The bank owned homes sold for $41,547 above the average list price.
There are 26 homes in back up or pending status.
Bank owned homes in Saugus are listed for and selling for less then short sale homes.

ACTIVE SHORT SALE LISTINGS IN SAUGUS FEBRUARY 03, 2009:
There are 63 single family homes sale.
Average List Price $453,837 Days on Market: 115
From 1/10/2009 - 02/03/2009 there were 1 homes sold, the average sale price was $495,000 days on market 36.
The short sale homes sold for $41,163 above the average list price.
There are 32 homes in back up or pending status.

ACTIVE BANK OWNED LISTINGS IN SAUGUS JANUARY 10, 2009:
There are 20 single family homes sale.
Average List Price: $378,530 Days on Market: 56
From 12/13/2008 - 01/10/2009 there were 14 homes sold, the average sale price was $420,155 day on market 43.
The bank owned homes sold for $31,147 above the average list price.
There are 25 homes in back up or pending status.
Bank owned homes in Saugus are listed for and selling for less then short sale homes.

ACTIVE SHORT SALE LISTINGS IN SAUGUS JANUARY 10, 2009:
There are 66 single family homes sale.
Average List Price $456,980 Days on Market: 115
From 12/13/2008 - 01/10/2009 there were 6 homes sold, the average sale price was $425,833 days on market 204.
The short sale homes sold for $31,147 below the average list price.
There are 25 homes in back up or pending status.

ACTIVE BANK OWNED LISTINGS IN NEWHALL FEBRUARY 3, 2009:
There are 10 single family homes sale.
Average List Price: $326,490 Days on Market: 52
From 1/10/2009 - 02/03/2009 there were 4 homes sold, the average sale price was $338,506 days on market 37.
The bank owned homes sold for $12,016 above the average list price.
There are 17 homes in back up or pending status.

ACTIVE SHORT SALE LISTINGS IN NEWHALL FEBRUARY 3, 2009:
There are 36 single family homes sale.
Average List Price: $404,631 Days on Market: 145
From 1/10/2009 - 02/03/2009 there were 1 homes sold, the average sale price was $330,000 day on market 204.
The short sale homes sold for $74,631 below the average list price.
There are 12 homes in back up or pending status.
Short sale homes in Newhall are selling for less then bank owned homes.

ACTIVE BANK OWNED LISTINGS IN NEWHALL JANUARY 10, 2009:
There are 14 single family homes sale.
Average List Price: $360,189 Days on Market: 55
From 12/13/2008 - 01/10/2009 there were 4 homes sold, the average sale price was $330,700 days on market 34.
The bank owned homes sold for $29,489 below the average list price.
There are 15 homes in back up or pending status.

ACTIVE SHORT SALE LISTINGS IN NEWHALL JANUARY 10, 2009:
There are 33 single family homes sale.
Average List Price: $418,599 Days on Market: 156
From 12/13/2008 - 01/10/2009 there were 2 homes sold, the average sale price was $319,000 day on market 278.
The short sale homes sold for $99,599 below the average list price.
There are 13 homes in back up or pending status.
Short sale homes in Newhall are listed for and selling for less then bank owned homes.

ACTIVE BANK OWNED LISTINGS IN CANYON COUNTRY FEBRUARY 3, 2009:
There are 32 single family homes sale.
Average List Price: $327,498 Days on Market: 43
From 1/10/2009 - 02/03/2009 there were 26 homes sold, the average sale price was $322,226 days on market 30.
The bank owned homes have sold for $5,272 below the average list price.
There are 58 homes in back up or pending status.
Bank owned homes in Canyon Country are listed for and selling for less the short sale homes.

ACTIVE SHORT SALE LISTINGS IN CANYON COUNTRY FEBRUARY 3, 2009:
There are 117 single family homes sale.
Average List Price: $374,665 Days on Market: 119
From 1/10/2009 - 02/03/2009 there were 5 home sold, the average sale price was $438,000 days on market 195.
The short sale homes have sold for $63,335 above the average list price.
There are 40 homes in back up or pending status.

ACTIVE BANK OWNED LISTINGS IN CANYON COUNTRY JANUARY 10, 2009:
There are 39 single family homes sale.
Average List Price: $343,562 Days on Market: 35
From 12/13/2008 - 01/10/2009 there were 33 homes sold, the average sale price was $340,813 days on market 27.
The bank owned homes have sold for $2,749 below the average list price.
There are 59 homes in back up or pending status.
Bank owned homes in Canyon Country are listed for and selling for less the short sale homes.

ACTIVE SHORT SALE LISTINGS IN CANYON COUNTRY JANUARY 10, 2009:
There are 117 single family homes sale.
Average List Price: $388,882 Days on Market: 121
From 12/13/2008 - 01/10/2009 there were 6 home sold, the average sale price was $463,583 days on market 198.
The short sale homes have sold for $74,701 above the average list price.
There are 40 homes in back up or pending status.

ACTIVE BANK OWNED LISTINGS IN CASTAIC FEBRUARY 3, 2009:
Currently there are 14 single family homes sale.
Average List Price: $496,221 Days on Market: 61
From 1/10/2009 - 02/03/2009 there were 6 homes sold, the average sale price was $432,500 days on market 33
Bank owned homes sold for $63,721 below the average list price.
There are 14 properties in back up or pending status.

ACTIVE SHORT SALE LISTINGS IN CASTAIC FEBRUARY 3, 2009:
Currently there are 44 single family homes sale.
Average List Price: $392,324 Days on Market: 137
From 1/10/2009 - 02/03/2009 there were 4 homes sold, the average sale price was $407,500 days on market 71
The short sale homes sold for $15,176 above the list price.
19 properties are in back up status or pending.
Short sale homes in Castaic are listed for and selling for less then the bank owned homes.

ACTIVE BANK OWNED LISTINGS IN CASTAIC JANUARY 10, 2009:
Currently there are 15 single family homes sale.
Average List Price: $509,136 Days on Market: 36
From 12/13/2008 - 01/10/2009 there were 6 homes sold, the average sale price was $344,416 days on market 47
Bank owned homes sold for $164,720 below the average list price.
There are 11 properties in back up or pending status.
Bank owned homes in Castaic are listed for and selling for less the short sale homes.

ACTIVE SHORT SALE LISTINGS IN CASTAIC JANUARY 10, 2009:
Currently there are 44 single family homes sale.
Average List Price: $380,289 Days on Market: 141
From 12/13/2008 - 01/10/2009 there were 3 homes sold, the average sale price was $384,966 days on market 136
The short sale homes sold for $4677.00 above the list price.
21 properties are in back up status or pending.


With the constantly changing market we are in my goal is to keep you up to date with the most current statistics in the Santa Clarita Area. As potential buyers these numbers help you to understand what the price ranges are for bank owned and short sale properties. There is a big misconception when it comes to bank owned properties. Many are led to believe that these homes are the better deal in today's market. A home goes back to the lender after the foreclosure process is completed. There are many reasons for this. Unfortunately the main reason is most people are paralyzed with fear and don't know who to turn to.

If you look closely at the statistics the areas where the REO's (bank Owned) are listed higher then the short sales they are generally newer developments within Santa Clarita, Stevenson Ranch, Valencia. Properties that go into foreclosure, REO's (bank Owned) empower the lenders to set a higher market value in an attempt to reduce their losses. The period of time between the first missed payment and the final bank sale is called the pre-foreclosure phase. In this period a buyer has a window of opportunity to negotiate a price which could be up to 20% below Fair Market Value. The above mentioned areas as you see statistically the short sales are the better value to negotiate and purchase. You as a buyer need an agent who truely understands this market and can help you get your desired home whether it be a bank owned or short sale listing. With so much information and misinformation you need an agent that is not an average agent to guide you through these investment opportunities.

My husband and I just obtained our Certified Distressed Property Expert designation CDPE. We are experts in distressed properties. By dealing with an agent who has earned the CDPE designation, homeowners ensure that they are working with a real estate professional that is equipped to handle their specific needs.

This real estate market has caused unbearable stress and heartache. As Certified Distressed Property Experts we will give our clients the expertise necessary to save their credit, relieve the uncertainty, and most of all help their families. We feel that education is key in this market with so much misinformation and foreclosure scams out there, we sought out this education to ensure we could properly help families get on the path to recovery.

Many of you have heard these terms on the news lately or see these type of homes in your communities. Would like to know what these terms mean or understand how the short sale process works? Go to: http://www.santaclaritavalleyhomesonline.com/shortsale.htm.

If you or someone you know are in a difficult situation with your property consider us. Homeowners who are in the pre-foreclosure process need to speak with an educated agent as quickly as possible. For many homeowners foreclosure is not the only option however most do not get the opportunity to explore solutions.We are Santa Clarita's Certified Short Sale Experts and would like opportunity to sit down with you and give you a free, no obligation, consultation on this process.

Do you know of anyone who is thinking about moving to the Santa Clarita Valley? Let me show them this beautiful community among others here in the Southern California area.

If you would like to search specifically for Stevenson Ranch homes for sale, or any other areas of Southern California go to: http://www.riccosellshomes.com/

You can tract the Santa Clarita Short Sales and Bank Owned statistics on a monthly basis. In my archives click on the SANTA CLARITA SHORT SALE AND BANK OWNED PROPERTIES FOR SALE button.

*All information deemed reliable but not guaranteed, information directly from SOCAL MLS