Wednesday, September 24, 2008

Ventura County August 2008 Sales

August sales dropped 2.2% from the previous month with the median price declining $20,000, or 4.7% from the previous month. Comparing to the year before, a time of the lowest sales since Dataquick has been recording sales for Ventura, sales increased 7.7% and the median price declined 30.4%. We are passed the point of peak inventory and passed the low point in sales. From here on out it will just be sales muddling through as prices continue to decline. If the loan servicers get motivated we should see a flattening of sales (at the cost of price) instead of a steep seasonal drop off. I think the servicers will stay motivated but government intervention is constantly looming and I think some are trying to hold off the recognition of losses as long as possible.

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