Foreclosures Finally Nearing Normal Levels

Foreclosure levels are finally showing signs of trending downward, following several years of record highs. During the month of May, foreclosure levels in Southern California continued to decline, according to data recently released. In the six-county region, there were 7,363 foreclosures, representing a decline of 23 percent year over year, according to information released by RealtyTrac. Compared to April, foreclosure rates showed a decline of around 2 percent.

Tips for Buying a Foreclosed Home in Santa Clarita

While foreclosure levels are finally beginning to near normal levels, there are still foreclosures on the market. If you are considering buying a foreclosure, there are a few things of which you should be aware.

First, make sure you choose a real estate agent with experience handling foreclosures and who has an established working relationship with mortgage companies. In some instances, a real estate agent may be aware of a property that has not even come on the market yet. This can prove to be particularly important in a popular market, such as Santa Clarita, where homes have a tendency to move quickly.

Additionally, take the time to obtain a preapproval letter from your lender. This step is important anytime you are preparing to buy a home, but when it comes to buying a foreclosure property, it is even more crucial.

Finally, be aware that when buying a foreclosure property, the home may not be in pristine condition. As a result, you should be prepared for the fact that you may need to make some repairs. In some instances, owners who have lost their homes to foreclosure may not have had the financial resources to handle routine maintenance.

Keep in mind that as foreclosure levels continue to decline, the number of available foreclosure properties is dwindling. If you are looking for a great deal, the time to take action is now.

The following two tabs change content below.
Hilary Blaha is a real estate professional with Pinnacle Estate Properties, Inc and serves the Acton, Agua Dulce and the Santa Clarita area, including; Newhall, Saugus, Canyon Country, Valencia, Stevenson Ranch, Westridge, Castaic, Val Verde.
This entry was posted in Home Buying Tips, Real Estate News and tagged . Bookmark the permalink.

Comments are closed.