Thursday, October 1, 2009

Short Sale & Foreclosures for the San Fernando Valley

Note: I have added a foreclosure research link to the site, see here.
Here is the sales breakdown for September 2009 for the San Fernando Valley. The pace of the REO percentage decline has slowed and short sales percentage had their best showing yet since I've been tracking the statistic. Traditionally the SFV has a higher amount of late reporters so I expect sales to come in around the 850-875 range which would down from the year before (something also seen in the Ventura numbers). The SFV market has some of the same supply issue plaguing other markets and that essentially puts an upper limit on sales. The mortgage rates may be at 5% rates and a tax credit but it don't matter one bit if a buyer can't find a home they can both afford and want to pay for. Investor activity is a bit less in the valley so sales should perform better than Ventura County where investor activity is higher which props up prices but will result in fewer sales.

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