Huge drop in short sales and foreclosures pave the way for continued real estate market recovery.
Statistics from the Southland Regional Association of Realtors show some significant changes in the marketplace. It seems like not so long ago that our market was flooded with short sale and bank-owed properties in our inventory. However, recent reports show that short sales in Santa Clarita have dropped 82% since March of last year, with foreclosure/bank-owned properties dropping over 50%.
These figures are significant in demonstrating what appears to be a full recovery of a once fragile real estate market here in the SCV. Many homeowners who found themselves upside down on their mortgage during the Great Recession have since either refinanced (or performed a loan modification), short sold, or performed some other form of foreclosure avoidance such as a deed-in-lieu of escrow. In other cases, homeowners who have held on to their properties are once again seeing positive equity.