If you have been sitting back and waiting patiently for the the deal of your life time to fall right in your lap my advice to you is: Wake up and jump into the market now.
Many properties in different stages of foreclosure are likely to hit the market this year. The numbers for Agoura Hills and Calabasas are in the hundreds. Perhaps 10 percent of these properties will make an appearance on the market as Short Sales or Bank Owned Property. The rest will end up in a long loan modification process, legal battles with the lenders, or short sales that are sold before processing.
When these properties become available for the public, the better ones are offered at close to or at full market value, which is still a great deal considering we are back to 2003-2004 prices. REO agents and lenders use objective sources of appraisals and price opinions in order to maximize their return on their losses as well as to stabilize local market home prices.
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If you have been waiting for a while to purchase a home for your family, then my advice is that you should consider acting now. Look at the purchase price of the house as well as rising interest rates for your loan, in addition to global economic factors that may affect your purchasing power. You cannot time the stock market or the real estate market.