Here is the sales breakdown for Ventura County for September 2009. Short sales as a percentage of sales have made their best showing yet. Foreclosures / REO keep dropping and that is one of the major reasons sales are coming in so weak. With a normal amount of late reporters sales will come in around 600 which would be the third straight monthly decline in MoM and YoY sales. The basic issue is affordability and the government has short circuited price discovery. Sales are suffering as a result. There is also a heavy presence of trustee sale investor in Ventura County this results in fewer lower priced homes on the market and therefore fewer sales. Ventura County is a supply constrained market. Call me irrational but this isn't what a recovery looks like.
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