Neal's Blog

Virtually everybody that follows the Real Estate Industry--especially in California--has been talking about the next wave of foreclosures that is supposed to hit and drive prices down. Even many of the buyers and sellers that I talk to have heard rumors or pieces of information about "moratoriums lifted" and "loan resets" and all kinds of things that make them want to wait if they are a buyer and sell before they hit if they are a seller. The point is that everyone knows that large amounts of foreclosures equals further price declines and everyone knows that values in Santa Clarita are already 35-60 lower than the height of the market in May 2005.  And of course everyone wants to try to time something, something that I have come to the conclusion may be impossible to time. I have spent the last 9 months talking to top agents, asset managers for banks, executives in the Title Industry and people that should just plain know the answers to my questions about this "wave" and guess what- NO