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Local Agent Provides Free Information Resource to (CITY) Homeowners Facing Financial Hardships

Categories: Foreclosure Solutions
May 1st, 2010 by Joe Levy

New Web site presents options for homeowners confronted with the possibility of foreclosure.

VALENCIA, CA – Local real estate agent and community advocate,Phil Levy & Joe Levy of Intero Real Estate Services, today announced the creation of a new information Web site for Valencia-area homeowners in distress. ~SiteAddress~ contains vital facts about the options available to these homeowners, to help them make the educated decisions about their future.

“I developed this site with my community in mind,” Levy said. “When faced with the possibility of foreclosure, I’ve seen too many homeowners make poor choices, even walking away from their homes without calling their lender or a real estate agent. These people didn’t know the options available, or even how to find any information on their situation.

“I want more for the people of Valencia, and more comes with making informed decisions.”

~SiteAddress~ acts as a hub for information on the facts and issues for struggling homeowners, putting all the necessary information in one, easy-to-use location. The information and materials located on the site are regularly updated to reflect market changes, trends, new lender requirements, and industry updates.

Alex Charfen, co-founder and CEO of the Distressed Property Institute in Austin, Texas, said that more than seven out of 10 homeowners in foreclosure proceed without any visible assistance.

“Agents with the Certified Distressed Property Expert® designation are helping distressed homeowners understand that there may be options available to them,” Charfen said. “Joey Levy & Phil Levy has been trained to help homeowners avoid foreclosure, and this Web site resource to educate the community is a commendable public service.”

The CDPE designation provides real estate professionals with specific understanding of the complex issues confronting the real estate industry. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today’s market.

www.santa-clarita-home-solutions.com

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Santa Clarita Valley Single Family Residence Price Trends as of 11/09

Categories: Uncategorized
December 11th, 2009 by Phil Levy

 

The following charts depict pricing  trends for single family residences in the Santa Clarita Valley for the past two years ending November 2009. 

The first chart labeled Median Sold Price by Month clearly shows a pricing bottom in Dec.  The figures on top of each bar represents the average days on market (DOM) pertaining to the closed sales for each month.

The second chart depicts Months Supply of Inventory defined as the number of active listings divided by number of closed sales for a particular month.  This is an indicator of the undersupply or oversupply of available listings.  Real Estate Professionals generally regard 6 months of inventory as representative of a balanced market.  The blue line above the bars depicts the average DOM pertaining to the these active listings an indicator of how long it takes listings to go into escrow.  November 2009 shows 1.7 months of inventory, a two year low.    The consequence of this low inventory level is multiple offers sometimes even above the asking prices.  This is a tough and frustrating market for buyers since so many of the homes are either short sales which require a cumbersome and time consuming process to secure the lenders’ approvals.   However buyers are also encouraged by an historically high affordability level.

CMM_Report_MedianSoldPrice_chartCMM_Report_MSI_chart

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May 2009 Market Statistics reflect a 10.9% decrease of sales in the Santa Clarita Valley

Categories: Uncategorized
June 28th, 2009 by Phil Levy

 

In May 2009 sales of single family homes in the Santa Clarita Valley (SFH’s) fell by 10.9% year over year.  They also fell 8.4% from the previous month.  According to the Southland Association of Realtors, May 2009 was the first year over year decease in sales activity for 13 months.   The median price of SFH’s decreased 11.1% year over year for May 2009 while falling 2.4% from the previous month.  This is only the second time this year that this figure has decreased month over month.  The median price for sales that closed escrow was $400 thousand for May 2009.

Condominium sales dived 9.3% year over year for May 2009 while climbing 15.3% month over month.  The median prices dived 21.3% year over year and 4% month over month.  But only 68 units closed escrow during May 2009, which may not provide statistical significance.  The median price of condos closing escrow during May 2009 was $240 thousand.

The ongoing dearth of listings continues to distort the market, however.  As of May 2009 only 1,010 single family homes and condos were actively listed on the SoCal Multiple Listing Service – near historic lows.  This figure represents an equivalent of 3.8 months supply of unsold homes compared with 6.6 months as of one year ago.  Real Estate professionals generally regard an inventory level of 5 to 6 months as a balanced marketplace.

A general perception in the marketplace is that decreased pricing deters sellers – included lenders from listing properties, while enticing buyers with higher affordability and availability of financing.  Is a market bottoming at hand?  – only time will tell.

This report was compiled from data provided by the SoCal Multiple Listing Service and the Southland Regional Association of Realtors.  The Santa Clarita Valley is comprised of the following localities; Castaic, Canyon Country, Newhall, Saugus Stevenson Ranch and Valencia.

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