San Fernando Valley:
Note: I have added a foreclosure research link to the site, see here.
Here are the sales for June 2009 for the San Fernando Valley broken down into distressed and non-distressed categories. Non-distressed sales have increase with seasonal demand and lower distressed sale inventory. Distressed sales are continuing to weaken as a percentage of sales matching the trend seen in the weekly inventory reports. This is the main reason sales remain so weak historically, distressed supply is constrained and non-distressed supply is overpriced. Right now distressed supply in many markets is like water drops hitting a hot skillet, it just instantly evaporates. We can see from the trustee sale charts that new inventory will be coming shortly. I recently saw a home go from trustee sale to MLS in under 2 weeks, that is about as good of turnaround as one can expect. Sales could really take off if that happens. Even considering the economy this isn't a bad market to liquidate supply into, low interest rates, a tax credit, a large supply of potential buyers (in California at least) and "Hopium" are all creating an active market on the low end. IMHO, Sellers not getting their price now will never get their price when adjusted for inflation in the future.