Sunday, June 8, 2008

May 2008 Los Angeles County foreclosure statistics

Property Shark released their May foreclosure report:

Trustee sales were up 17% MoM and 232% YoY to 5,308. To put that in perspective, in April 2008 there were 5,016 non-Trustee sales in all of Los Angeles County. If May sales numbers don't increase sequentially by about 6% there will be more homes foreclosed on than sold in Los Angeles County.

Sales are still abnormally low, it is clear prices will have to continue fall to clear out this excess inventory that is building.

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