Wednesday, September 30, 2009

Ventura County Trustee sales for September 2009

Here are the final trustee sales number for Ventura County for September 2009. Foreclosures decreased 4.1% MoM and are down 37.8% YoY. Third party sales are in a definite uptrend as investors look like they think they will be able to push homes through the slower off season months. October 2008 was the first major decline in trustee sales last year so it will be interesting to see if October 2009 will give positive YoY sales. BofA has been jawboning that they will be definitely increasing foreclosures in Q4, I wonder if Ken Lewis replacement will bow to pressure to reduce foreclosures once he takes over in Q1 of 2010. We could see a holiday moratorium from the end of November to beginning of January and then political pressure on a new CEO of a major servicer put a cap on sales through Q1 of 2010 (just presenting a possible scenario). Alternately we could see servicers finally taking more homes back as modification efforts fail.

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