About half of San Fernando Valley Real Estate sales in August involved a home that had been repossessed according to MDA DataQuick. The troubling part of the news was that experts believe that the number of San Fernando Valley foreclosure sales will only continue to increase as banks continue to repossess more and more homes.

What we see in the news and read in the newspaper is that San Fernando Valley Real Estate sales are up and they are up of course but the value of the homes we own continues to fall further and further down.

And the banks aren’t going to let up… they’re going to continue to dump “assets” until they have enough cash on hand and until their balance sheets are balanced and our homes are worth virtually nothing.

I suppose the positive thing then would be that banks might actually then be willing to start making some loans again…

Hey it’s a good time to buy a home in the San Fernando Valley if you can find a bank to make you a loan. I believe I saw a stat somewhere that illustrated the price of San Fernando Valley Real Estate being back down to 2003 levels!

And like I said earlier there’s really no end in sight.

It’s great, I suppose, that sales are up but foreclosures are up as well and that just means that banks have an ever increasing inventory of homes they need to sell and at this point they’re willing to take a loss on a loan because they need the cash. At this point banks are just trying o minimize their losses…hell at this point a lot of banks are just trying to stay open!

Has the San Fernando Valley Real Estate market hit bottom?

Most experts would conclude that no the San Fernando Valley Real Estate market has not yet hit bottom and that prices will continue to fall but not at the dramatic rate of the past couple of years.

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All in all, home sales continue to stay weak as home sales of previously-occupied homes were down by 18% over last years already down numbers but the recent data regarding sales of foreclosed homes is a good sign for the housing and real estate market.

Sales are up in the areas that have been hardest by foreclosures and falling real estate prices…

Areas such as Las Vegas, Nevada, Sacramento, California and Detroit, Michigan are leading the way in foreclosed home sales.

According to the Wall Street Journal, the inventory of foreclosed homes held by lenders is hovering around half a million!

Many lenders have been holding on to their foreclosed properties to avoid slashing prices and to avoid huge losses but apparently the tide is turning somewhat as more and more lenders are unloading foreclosed properties at dirt-cheap prices

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The National Association of Realtors released a statement saying that median home prices were down in 100 of 149 metropolitan areas during the first 3 months of this calendar year…

On a national level the median price of an existing single family home for the first 3 months of the year was $196,300 according to the report.

To give you a frame of reference, the median price of an existing single family home for the first 3 months of last year was $212,600…

This report comes out a little late however as there does appear to be signs of the real estate market bottoming out recently…

Maybe not so much that the real estate market is bottoming out but more like correcting itself afters years of inflated home values.

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That letter basicaly saying that since the equity in their real estate isn’t what it used to be… their line of credit isn’t what it used to be either!

Most borrowers are seeing their home equity lines of credit being dramatically cut or suspended all together.

I guess  it’s better then losing yur real estate through foreclosure however…

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