iStock_000006166985XSmall Not on a local level.  Due to the huge supply and demand in the Santa Clarita Real Estate industry – we have seen an increase from the amounts that properties are placed on the market at – and the prices with the multitude of offers that are received.

One Such case was a REO going out at over 70K more than the list price.  Is this an “on purpose” strategy by the Banks to create a Market Frenzy?

Maybe Yes and Maybe No – the banks are dealing with REO inventory across the US of A – so they are not just watching the California Market.  In the rest of the country you are having foreclosures and REO’s sit on the market in excess of 60 to 90 days.

In California – we are watching multitudes of offers within Hours.  This situation is extremely stressful to our Buyers in this Market.  I am hopeful that it will loosen up a bit in the coming months.

MSNBC reported on a 9.4% gain in home prices – Check out the article.