Just a quick note, no spiffy chart or anything. In watching the Ventura County trustee sales I've noticed cancellations have been spiking and last weeks post-holiday moratorium trustee sales were lower than normal relative to the number of homes offered (by about 20-25%). The administrations haranguing of the servicers over the lack of HAMP mods is probably to blame.
What this means for the upcoming season is that inventory will be lighter and thus sales will be even more constrained. We will probably be seeing year over year sales fall through the first half of the year at least unless trustee sales pick up within the next 45 days. Then with rates going up by June due to stopping of MBS purchases by the Fed we will get constrained sales because buyers will have less purchasing power. It is shaping up to be pretty grim prospects for the year for sales volume.