Pasadena Foreclosures; Shadow Inventory

The Pasadena Real Estate Market has been holding steady with home sales going up. What most people don't know is that Pasadena, like many other other cities, is flooded with what is called shadow inventory. What is Shadow Inventory? Shadow Inventory are foreclosure properties not on the MLS (multiple listing service). These properties are comprised of:

• Preforeclosures, homes that have a NOD (Notice of Default) filed
• Auction Scheduled NTS homes
• REO, bank owned homes not on the MLS

Many say that preforeclosed and NTS homes cannot be considered as shadow inventory, because they have not been been foreclosed on. The reality is that most people behind on their mortgage are typically behind due to financial distress. Most banks will not forgive a large debt and most loan modifications are not approved. Hiring a short sale specialist may be helpful to avoid foreclosure, but the chances on a short sale approval is slim.

As a Pasadena resident, I see this Shadow Inventory everywhere. A great way to spot these foreclosed homes is by looking for the following:

• Boarded up windows
• over grown landscaping
• notice of "Do not trespass" typically on the front window(s)

Visit our website to get more info on Pasadena Real Estate for sale and Pasadena Foreclosures

RAMIRO@SOLDBYRAMIRO.COM
626-497-4606

KELLER WILLIAMS PASADENA
445 S. FAIR OAKS AVENUE
PASADENA, CALIFORNIA 91105