Weekly Active/Pending counts SFV & Ventura - 05/30/09

Here are the weekly inventory and pending counts for Ventura County and the San Fernando Valley. For the legend Single Family Homes is abbreviated SFH, Ventura County is abbreviated VC and San Fernando Valley is abbreviated SFV. For readers who might not know, REO are bank owned foreclosures and short sales are owners hoping to sell the home for less than what is owed on the mortgage balance.

Update: Please see the home page for the latest graphs, I am reverting earlier weeks to text to maintain site speed.

San Fernando Valley:
Single Family Homes
Active - Total 2265
Active - Short sale 766
Active - REO 198
Backup - Total 652
Backup - Short sale 333
Backup - REO 77
Pending - Total 1524
Pending - Short sale 625
Pending - REO 472
Distressed active / Total active = 42.56%
Distressed pending / Total Pending = 72.0%

Condo
Active - Total 757
Active - Short sale 399
Active - REO 77
Backup - Total 219
Backup - Short sale 146
Backup - REO 20
Pending - Total 470
Pending - Short sale 186
Pending - REO 164
Distressed active / Total active = 62.9%
Distressed pending / Total Pending = 74.5%

Ventura County:
Single Family Homes
Active - Total 1479
Active - Short sale 218
Active - REO 97
Contingent - Total 953
Contingent - Short sale 625
Contingent - REO 72
Pending - Total 731
Pending - Short sale 187
Pending - REO 243
Distressed active / Total active = 21.3%
Distressed pending / Total Pending = 58.8%
Release from Showing 295

Condo
Active - Total 469
Active - Short sale 100
Active - REO 49
Contingent - Total 356
Contingent - Short sale 266
Contingent - REO 26
Pending - Total 242
Pending - Short sale 74
Pending - REO 82
Distressed active / Total active = 31.8%
Distressed pending / Total Pending = 64.5%
Release from Showing 69

Just some interesting tidbits and articles

Rates pretty much recovered from Wednesday massive sell off.. that inspired this look at Fridays rally from a MBS blogger:

Lots of mortgage brokers and bond traders are breathing a sigh of relief.

Sam Zell: Speeding up foreclosures would help housing market:

“Well, the inventory is going down,” Mr. Zell said, according to a transcript. “The affordability is going up. The government is making serious efforts to provide financing. And I think it’s slowly working. And the best thing that could happen is if we could accelerate all the foreclosures. Because I think they represent a drag on the market.”

I agree completely. Liquidating into a market with low rates, tax credit and prices still above historic norms certainly makes a lot of sense.

Wells Fargo CEO says California in 'financial ruin':

“The state of California is in financial ruin,” Stumpf told those attending a statewide microfinance lenders’ conference at Stanford University. “The budget deficit in California is staggering.”
...
“Today we’re charging off loans to people we should have made loans to,” said Stumpf, reiterating that the bank avoided many of the exotic mortgages offered by rivals.

The main brunt of the State, county and local cuts have yet to be felt. Usually governments are expanding during downturns to be the "spender of last resort". But this time there is no rainy day fund or another till to tap. I also enjoyed the second quote, the fact that a CEO of a major institution can talk so flippantly about giving out money to people who could never hope to pay it back is just amazing to me.

HUD came out with the guidance for using the tax credit during the purchase of a home instead of after.

The great news here is that the tax credit can't be used as a source for the initial 3.5% down payment. It can be used for closing costs or additional down payment but it does not allow for 100% financing. Its effect will be marginal on the market.

More foreclosures information for LA & Ventura County

Trustee Sales for Los Angeles County:

Trustee Sales for Ventura County:
Source:ForeclosureRadar

Here is the graphical breakdown of trustee sales for Ventura County and Los Angeles County going back to January 2007. The third party transactions are very high right now. This is due to very low inventory of houses in the affordable ranges the investors know they can charge a small premium on the low end because the choices are very limited.

Note: I have added a foreclosure research link to the site, see here.

Foreclosure Sales for LA and Ventura County - May 2009

Trustee Sales for Los Angeles County:

Trustee Sales for Ventura County:

Here are the Trustee Sales for May 2009. For Los Angeles County sales increased 25% MoM. For Ventura County sales increased 18% MoM. Third Party sales were especially active. I think this was because supply is so low on the MLS that investors are grabbing more marginal deals in the belief they can push prices. If trustee sales keep increasing this won't be a viable strategy over the longer term but investors are usually so quick that they can get ahead of the market. I've widely heard that the June/July period was a period in which new supply was going to hit the market, if true we should see it in the weekly inventory reports I do. I will also see if Mondays auctions (because it is a new month) bring in higher than normal sales to see if the lenders are starting to be more aggressive in foreclosing.

Note: I have added a foreclosure research link to the site, see here.

Yesterday's bond market blowout

You might have heard about the big sell off in MBS yesterday. This has the effect of raising rates. To find out more what MBS and the Bond market is doing on any particular day I recommend the following blogs:

http://www.mortgagenewsdaily.com/mortgage_rates/blog/
http://acrossthecurve.com

If rates stay this "high" (hard to say 5.25%+ rates are high.. but that is the world we live in currently) it will hurt the marginal buyers, loan modifications and refinance. Right now it appears to be a temporary phenomenon, if it remains sustained over a period of weeks or months we will see the effects on the market through higher fallout of pending deals, fewer new deals going pending and inventory building up as a result. The Fed still has over $700 billion in MBS purchases to make in an attempt to keep mortgage rates low and that is a lot of firepower sitting on the sidelines.

More San Fernando Valley home sale information - April 2009

Here is the various Back On Market (BOM) ratios for April2009 home sales. Note, the local REALTOR® group uses the BOM as a % of sales as their preferred metric.

The above is total sales, new pendings and BOM for April 2009. It will be interesting to see how much more the needle can be pushed. Supply isn't very good, turnaround times on mortgages are getting high, the economy is doing bad and rates just jumped. Something has to give.

This graph is identical the the graph above except for the red line. This red line is a sales estimate based on BOM and current month pendings shifted forward 60 days in time to account for escrows and reporting lag. It seems to report a bit low during the spring and a bit high during the winer. It is predicting total sales of around 1080 next month which feels a bit low but in the ballpark (I think it will be 1120-1160).

Note: I have added no cost (supported through blog advertising) foreclosure research to the blog, see here.

San Fernando Valley April 2009 sales report

San Fernando Valley Single Family Home sales came in at 691 which is up 7.97% MoM and 26.33 YoY. Median prices came in at $355,000 which is up 2.60% MoM and down 23.66 YoY. This was the third worst April on record for SFH sales. Inventory is only light because new supply is being stopped from being brought on market. Sales are not "brisk", sales are very low, Inventory of the price ranges that are selling (Low end REOs) are low as well.

Condo sales came in at 210 which is up 1.44% MoM and up 43.83% YoY. Median price came in at $222,800 which is up 11.40% MoM and down 25.73% YoY. Condo sales are still historically weak.

Weekly Active/Pending counts SFV & Ventura - 05/23/09

Here are the weekly inventory and pending counts for Ventura County and the San Fernando Valley. For the legend Single Family Homes is abbreviated SFH, Ventura County is abbreviated VC and San Fernando Valley is abbreviated SFV. For readers who might not know, REO are bank owned foreclosures and short sales are owners hoping to sell the home for less than what is owed on the mortgage balance.

Update: Please see the home page for the latest graphs, I am reverting earlier weeks to text to maintain site speed.

San Fernando Valley:
Single Family Homes
Active - Total 2319
Active - Short sale 794
Active - REO 202
Backup - Total 625
Backup - Short sale 308
Backup - REO 82
Pending - Total 1552
Pending - Short sale 620
Pending - REO 504
Distressed active / Total active = 42.9%
Distressed pending / Total Pending = 72.4%

Condo
Active - Total 770
Active - Short sale 402
Active - REO 83
Backup - Total 219
Backup - Short sale 140
Backup - REO 24
Pending - Total 473
Pending - Short sale 187
Pending - REO 171
Distressed active / Total active = 63.0%
Distressed pending / Total Pending = 75.7%

Ventura County:
Single Family Homes
Active - Total 1462
Active - Short sale 222
Active - REO 92
Contingent - Total 965
Contingent - Short sale 628
Contingent - REO 81
Pending - Total 761
Pending - Short sale 189
Pending - REO 269
Distressed active / Total active = 21.5%
Distressed pending / Total Pending = 60.2%
Release from Showing 290

Condo
Active - Total 484
Active - Short sale 114
Active - REO 48
Contingent - Total 354
Contingent - Short sale 257
Contingent - REO 34
Pending - Total 236
Pending - Short sale 67
Pending - REO 87
Distressed active / Total active = 33.5%
Distressed pending / Total Pending = 65.3%
Release from Showing 65

Foreclosed renters put in a very strong position..

This was passed as part of the "Helping Families Save Their Homes Act of 2009" (emphasis mine):

----------------------------------------------------------------------------------
TITLE VII--PROTECTING TENANTS AT FORECLOSURE ACT
SEC. 701. SHORT TITLE.
This title may be cited as the `Protecting Tenants at Foreclosure Act of 2009 '.
SEC. 702. EFFECT OF FORECLOSURE ON PREEXISTING TENANCY.
(a) In General- In the case of any foreclosure on a federally-related mortgage loan or on any dwelling or residential real property after the date of enactment of this title, any immediate successor in interest in such property pursuant to the foreclosure shall assume such interest subject to--
(1) the provision, by such successor in interest of a notice to vacate to any bona fide tenant at least 90 days before the effective date of such notice; and
(2) the rights of any bona fide tenant, as of the date of such notice of foreclosure--
(A) under any bona fide lease entered into before the notice of foreclosure to occupy the premises until the end of the remaining term of the lease, except that a successor in interest may terminate a lease effective on the date of sale of the unit to a purchaser who will occupy the unit as a primary residence, subject to the receipt by the tenant of the 90 day notice under paragraph (1); or
(B) without a lease or with a lease terminable at will under State law, subject to the receipt by the tenant of the 90 day notice under subsection (1),
except that nothing under this section shall affect the requirements for termination of any Federal- or State-subsidized tenancy or of any State or local law that provides longer time periods or other additional protections for tenants.
(b) Bona Fide Lease or Tenancy- For purposes of this section, a lease or tenancy shall be considered bona fide only if--
(1) the mortgagor or the child, spouse, or parent of the mortgagor under the contract is not the tenant;
(2) the lease or tenancy was the result of an arms-length transaction; and
(3) the lease or tenancy requires the receipt of rent that is not substantially less than fair market rent for the property or the unit's rent is reduced or subsidized due to a Federal, State, or local subsidy.
(c) Definition- For purposes of this section, the term `federally-related mortgage loan' has the same meaning as in section 3 of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2602).
----------------------------------------------------------------------------------

So renters get at least 90 days. The lease survives foreclosure so they could get until the end of the lease unless the purchaser at trustee sale intends to occupy the property, in which case they can give the 90 day notice.

Foreclosing just got more expensive for the banks, Cash for keys will be more expensive or the timelines to get the house vacant will be longer. This additional risk will eventually be priced into mortgage rates once those rates return to a market based mechanism as opposed to the engineered rates we have now due to the 1.25 Trillion dollars worth of Federal Reserve purchases.

Rumor...

I'm not big on posting rumors. This is pretty much a dry site posting facts and figures. But reader 'Mike' posted yesterday:

Just got word from an ex Countrywide, now BofA employee that they are going to start listing many of the foreclosed properties in CA that have been sitting on the sidelines. Watch the MLS in the next few weeks.

Something that reinforces this rumor that the REO machine might be starting back up at BofA is the trustee sale data from Recon Trust (a trustee owned by Countrywide/BofA). Yesterday in Ventura and LA County they had more sales than any day in the previous month. Just one days data but an encouraging sign. I've widely heard that the June/July time frame was when a lot of new inventory was coming on market that are currently being held by asset management companies.

Ventura County April 2009 Sales

Here are the April 2009 home sales from Dataquick. Sales came in at 724 which was down 6.7% Month over Month (MoM) and down 6.1% Year over Year (YoY). The YoY drop is somewhat significant as this was the first year over year drop in sales since July 2008. Median price came in at $340,000 which was up 4.3% MoM and down 23.6% YoY.

I think the slow sales volume has several reasons. Longer underwriting times for loans will mute the onset of the traditional buying season. Fewer homes in the affordable price ranges means fewer buyers buying. Buyers have zero additional pricing power in this market. And of course the economy will put a damper on activity as well. Sales traditionally drop from March to April so the MoM drop isn't a surprise but the YoY sales drop was a bit surprising. I don't think there will be another possibility for a YoY sales drop until at least the July report which comes out in August from Dataquick.

The median price is heavily influenced by mix shift. Since foreclosures drove volume in the slow winter months they accounted for a heavier percentage of sales. We will see the percentage of foreclosures drop over the next couple of months because there are more short sales and normal sellers as well as fewer foreclosures due to the moratoriums. Once (or maybe I could play devils advocate and say IF) the new wave of foreclosure supply hits the market the mix shift will put a downward slant on the median again. Prices are still falling, it really doesn't matter what the median is doing. If new supply comes on the market sales could be very very good. If supply is slow in coming on the market then sales will stay muted. It is that simple.

Weekly Active/Pending counts SFV & Ventura - 05/16/09

Here are the weekly inventory and pending counts for Ventura County and the San Fernando Valley. For the legend Single Family Homes is abbreviated SFH, Ventura County is abbreviated VC and San Fernando Valley is abbreviated SFV. For readers who might not know, REO are bank owned foreclosures and short sales are owners hoping to sell the home for less than what is owed on the mortgage balance.

Update: Please see the home page for the latest graphs, I am reverting earlier weeks to text to maintain site speed.

San Fernando Valley:
Single Family Homes
Active - Total 2390
Active - Short sale 817
Active - REO 218
Backup - Total 590
Backup - Short sale 289
Backup - REO 96
Pending - Total 1524
Pending - Short sale 590
Pending - REO 509
Distressed active / Total active = 43.3%
Distressed pending / Total Pending = 72.1%

Condo
Active - Total 801
Active - Short sale 413
Active - REO 92
Backup - Total 200
Backup - Short sale 121
Backup - REO 31
Pending - Total 452
Pending - Short sale 181
Pending - REO 161
Distressed active / Total active = 63.0%
Distressed pending / Total Pending = 75.7%

Ventura County:
Single Family Homes
Active - Total 1506
Active - Short sale 254
Active - REO 98
Contingent - Total 911
Contingent - Short sale 595
Contingent - REO 78
Pending - Total 758
Pending - Short sale 198
Pending - REO 281
Distressed active / Total active = 23.4%
Distressed pending / Total Pending = 63.2%
Release from Showing 293

Condo
Active - Total 505
Active - Short sale 117
Active - REO 50
Contingent - Total 345
Contingent - Short sale 253
Contingent - REO 32
Pending - Total 241
Pending - Short sale 65
Pending - REO 92
Distressed active / Total active = 33.1%
Distressed pending / Total Pending = 65.1%
Release from Showing 64

Mid-May Foreclosure update for Los Angeles and Ventura County

Los Angeles County:
Ventura County:

Here are the current May 2009 foreclosure counts for Los Angeles and Ventura County. Currently sales are running about 20% higher than the same period the month before. Sales should be just slightly lower than February which was the high for the year so far. At that pace trustee sales versus traditional sales should come in around 32-38% of traditional sales for May. This would mean REO inventory is still being worked down since REOs are 50%+ of traditional sales currently. This should also mean sales should slow going into mid-year as less motivated inventory will make for less sales.

Note: I have added a foreclosure research link to the site, see here.

NAR calls for expanded tax credit

The NAR is calling for an increase in availability to the first time home buyer tax credit to anyone of any income level. They also are calling to make the raised conforming loan limits permanent. Many of the policies today (loan modification, foreclosure moratoriums) will actually reduce home sales in the future so I always thought it was curious that the NAR supported them. But if they just plan for the government to come in an subsidize sales for the foreseeable future I guess that is one way they can have their cake and eat it too. Can the handouts keep coming? When will people say enough is enough?

100% financing is back...

The FHA is set to announce that the first time homebuyer tax credit will be allowed to be used as a down payment for FHA loans. This effectively creates 100% financing for homes under $230,000 and significantly lowers the barrier of entry for homes above that price.

From HUD Secretary Donovan's speech:

"And we are taking action to further help the housing market recover. I'm excited to announce here at NAR that FHA's policy on the "monetization" of the first-time homebuyer tax credit will soon be published. I know that you've been waiting anxiously to hear FHA's position on the matter. We, like you, believe that this new tax credit is not only a tremendous opportunity for first-time homebuyers, but also an enormous benefit for communities struggling to deal with an oversupply of housing. According to estimates by the National Association of Home Builders, this new tax credit will stimulate 160,000 home sales across the nation - 101,000 of which will be first time buyers who will receive the credit. Another 59,000 existing homeowners will be able to buy another home because a first time buyer purchased their home.

We all want to enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash can be used as a downpayment. So FHA will permit trusted FHA-approved lenders and HUD-approved nonprofits, as well as state and local governmental entities to "monetize" the tax credit through short-term bridge loans. We think the policy is a real win for everyone, ensuring that borrowers can tap into the numerous organizations that are already part of the FHA network to receive this additional benefit. FHA will be publishing the details shortly."

Isn't this how we got into this mess to begin with? Allowing people with no skin in the game to get into the game? Expect inventory to decrease even further.

California Foreclosures for April 2009

ForeclosureRadar came out with their April 2009 California Foreclosure report. Notice of Defaults (NOD) are down from the previous month but still hovering near all time highs. Notice of Trustee (NTS) sales haven't reached their previous highs but there is at least a 90 day lag between NOD filing and NTS filing. And the statewide trend matched the local trend for Los Angeles and Ventura County for trustee sales, a muted month over month increase in trustee sales. I will have the mid-month numbers this Friday so you can see how sales are doing so far as we move through May.

Note: I have added a foreclosure research link to the site, see here.

Weekly Active/Pending counts SFV & Ventura - 05/11/09

Here are the weekly inventory and pending counts for Ventura County and the San Fernando Valley. For the legend Single Family Homes is abbreviated SFH, Ventura County is abbreviated VC and San Fernando Valley is abbreviated SFV. For readers who might not know, REO are bank owned foreclosures and short sales are owners hoping to sell the home for less than what is owed on the mortgage balance.

Update: Please see the home page for the latest graphs, I am reverting earlier weeks to text to maintain site speed.

San Fernando Valley:
Single Family Homes
Active - Total 2450
Active - Short sale 842
Active - REO 229
Backup - Total 583
Backup - Short sale 275
Backup - REO 103
Pending - Total 1508
Pending - Short sale 579
Pending - REO 503
Distressed active / Total active = 43.7%
Distressed pending / Total Pending = 71.8%

Condo
Active - Total 821
Active - Short sale 434
Active - REO 98
Backup - Total 199
Backup - Short sale 115
Backup - REO 34
Pending - Total 455
Pending - Short sale 180
Pending - REO 166
Distressed active / Total active = 64.8%
Distressed pending / Total Pending = 76.0%

Ventura County:
Single Family Homes
Active - Total 1501
Active - Short sale 263
Active - REO 100
Contingent - Total 908
Contingent - Short sale 577
Contingent - REO 89
Pending - Total 773
Pending - Short sale 195
Pending - REO 283
Distressed active / Total active = 24.2%
Distressed pending / Total Pending = 61.8%
Release from Showing 290

Condo
Active - Total 500
Active - Short sale 112
Active - REO 54
Contingent - Total 352
Contingent - Short sale 256
Contingent - REO 37
Pending - Total 233
Pending - Short sale 59
Pending - REO 93
Distressed active / Total active = 33.2%
Distressed pending / Total Pending = 65.2%
Release from Showing 63

Gone fishin'

FYI, No updates until Monday

Note: You can search for foreclosures to pass the time, see here.

Senate calls for new foreclosure moratorium

I think the lead really got buried on Senate votes today. People were talking about the FDIC changes but the Helping Families Save Their Homes Act of 2009 has some pretty major changes that are flying under the radar. I will go into the biggest changes later but I'll start with a teaser:

(a) In General- It is the sense of the Congress that mortgage holders, institutions, and mortgage servicers should not initiate a foreclosure proceeding or a foreclosure sale on any homeowner until the foreclosure mitigation provisions, like the Hope for Homeowners program, as required under title II, and the President's `Homeowner Affordability and Stability Plan' have been implemented and determined to be operational by the Secretary of Housing and Urban Development and the Secretary of the Treasury.
(b) Scope of Moratorium- The foreclosure moratorium referred to in subsection (a) should apply only for first mortgages secured by the owner's principal dwelling.

This isn't mandatory but these type of requests have a way of becoming demands overnight. The pressure on servicers is tremendous.

CAR revises forecast

Anyone want to take the other side of the wager that sales won't reach the 550,000 level indicated by the CAR for 2009?

Update April 2009 Forecast:


Updated January 2009 Forecast..

January 2009 Forecast:

December 2008 Forecast:

October 2008 Forecast:

Ventura County January 2009 Loan To Value chart

Here is the January 2009 Loan To Value chart for Ventura County. If you click and enlarge the chart it basically shows how much people are putting down at different price points. A dot at 80.0 and $300,000 means that a borrower put 20% down on a $300,000 place. This gives us a feel for how people (down payments, monthly payments and loan type) are getting into the market and where (sale price) they are getting into the market.
For jumbo conforming it is getting very difficult to get PMI. So FHA is the only option for loans with less than 20% down. For conforming loans it is getting difficult to get PMI above 90% LTV and this is where we see the rampant FHA activity. The Jumbo conforming loan limit was about to drop from 729k to 625k and many lenders were phasing it out by November. The jumbo conforming limit is back to 729k this year but its effect was marginal on the market to begin with.

For people in the market right now if you go to the left hand side and look and find around the price at which you are thinking of buying and then you can go to the right and see what your competition has done as far as down payments and loan types.

The FHA loans at the higher price ranges are, in my opinion, very risky. FHA used to be for low income people and were underwritten with lower DTI ratios. Now they are used somewhat by high income people at higher income ratios, their prospect of higher income is low and lower income is high. I think this will affect the higher end move up markets as the people who rushed to buy have little to no equity for many years. I think this is true of FHA used in massive quantities in the market like we have now (currently running 37.8% according to Dataquick). With little down it will take that much longer to buildup significant equity and long term move up and relocation transactions in the market should stay low.

Note: I have added a foreclosure research link to the site, see here.

Weekly Active/Pending counts SFV & Ventura - 05/01/09

Here are the weekly inventory and pending counts for Ventura County and the San Fernando Valley. For the legend Single Family Homes is abbreviated SFH, Ventura County is abbreviated VC and San Fernando Valley is abbreviated SFV. For readers who might not know, REO are bank owned foreclosures and short sales are owners hoping to sell the home for less than what is owed on the mortgage balance.

Update: Please see the home page for the latest graphs, I am reverting earlier weeks to text to maintain site speed.

San Fernando Valley:
Single Family Homes
Active - Total 2519
Active - Short sale 886
Active - REO 240
Backup - Total 542
Backup - Short sale 251
Backup - REO 96
Pending - Total 1508
Pending - Short sale 568
Pending - REO 545
Distressed active / Total active = 44.7%
Distressed pending / Total Pending = 73.8%

Condo
Active - Total 846
Active - Short sale 435
Active - REO 97
Backup - Total 186
Backup - Short sale 108
Backup - REO 34
Pending - Total 453
Pending - Short sale 169
Pending - REO 187
Distressed active / Total active = 62.9%
Distressed pending / Total Pending = 78.6%

Ventura County:
Single Family Homes
Active - Total 1543
Active - Short sale 276
Active - REO 105
Contingent - Total 875
Contingent - Short sale 559
Contingent - REO 88
Pending - Total 760
Pending - Short sale 200
Pending - REO 288
Distressed active / Total active = 27.7%
Distressed pending / Total Pending = 64.2%
Release from Showing 294

Condo
Active - Total 509
Active - Short sale 120
Active - REO 58
Contingent - Total 340
Contingent - Short sale 242
Contingent - REO 39
Pending - Total 241
Pending - Short sale 62
Pending - REO 95
Distressed active / Total active = 35.0%
Distressed pending / Total Pending = 65.1%
Release from Showing 69

Foreclosure Sales for LA and Ventura County - April 2009

Trustee sales for Los Angeles County:

Trustee Sales for Ventura County:
Here are the final sales result for April 2009. "Beneficiary" means the bank took back the homes on the courthouse steps. "3rd Party" means someone else besides the bank bought the home on the courthouse steps. While sales improved over March current sales are about a 25 to 30% pace of home sales on the MLS. With approximately 50% of homes sold on the MLS being foreclosures this means that foreclosure inventory is being drawn down. I also checked out today's sales since it is a new month to see if there was any big change. Sales were pretty light today and the vast majority of sales postponed which indicates that there isn't yet a major servicer changing its foreclosure policy just yet. I expect they will start increasing foreclosures soon as all the parts of the administrations plan have been laid out.

Note: I have added a foreclosure research link to the site, see here.

Short Sale & Foreclosure for San Fernando Valley & Ventura County - April 2009

San Fernando Valley:

Ventura County:

Note: I have added a foreclosure research link to the site, see here.

Here are the sales breakdown for the San Fernando Valley and Ventura County for April 2009. Distressed sales are still the majority of sales and short sales are slowly gaining strength. Foreclosure / REO sales have declined as a percentage of sales that past 2 months. This suggests normal sellers are becoming just a bit better in pricing as well meeting with seasonally increased demand. These numbers are preliminary and should increase about 10% over the next 10-12 days due to late reporting. Sales for April look muted relative to the demand we have seen on the weekly inventory charts. This means people are either having trouble getting closed or lenders are having trouble processing the surge in demand.If this keeps up we could go negative on the year over year sales numbers as early as next month. I will update these numbers mid-month to account for late reporting sales.

Free California Foreclosure Research

Since the site has become advertising supported (Thank you!) that has allowed me to add a ForeclosureRadar account for research purposes. The added benefit to the readers is that you can get some information on REOs and upcoming sales near you through this account as well. Below is a link which will allow you to find REOs or properties with NOD/NTS filed and get auction and loan information emailed to you. I will also add a link to this post on the right hand side so you can easily find it in the future.

Disclaimer: I provide no guarantee of the accuracy of the information provided. Do not rely on the information for decision making purposes. The following information is not a recommendation to buy or sell property. Basically, Don't be dumb about relying on free information provided anonymously over the internet.

I have read the above and agree to the terms.

There is a form provided when you want the details for a particular property. The email field needs to be valid in order for me to send you the information. I don't want or need your real phone number but it is a required field so enter something. The format for the phone number must be 10 digits and include the dashes (800-555-1102). Expect a 24 to 48 hour turn around for getting the PDF with the information.

If you are thinking about bidding on the courthouse steps I highly recommend getting a ForeclosureRadar account. Different lenders have different opening bid requirements and by watching sales for a particular lender you can really get a feel what the opening bid will be.