Ventura Couny Home Foreclosures filings notice of default (NOD) and notices of sale (NOS) have held relatively steady over the last 12 weeks. New filings have ranged from 130-90 per week over the last 12 weeks. NOS’s have seen a broader range with a low 82 the week of April 19th and high of 209 the week of June 19th.
A new trend had emerged which was unexpected. Filings that were canceled have dropped off dramatically the last few months. We expected to see this number increase as the new HAFA guidelines were implemented. The chart below illustrate the steep fall in cancellations over the last few months.
Another key trend investor’s should note is the big discounts being given at auction. These discounts may not be true discounts, as the published bid is normally what is owed to the Foreclosing lienholder. There may be additional liens that aren’t posted on the sale. In the past lenders would typically publish the bid and in most cases this was more then the home was worth, if no one bid on the property it was sold back to the bank. Lenders are now discounting these bids in an effort to sell the property at auction and avoid an increase in their already bulging inventory. This is where opportunity lies. Our next article will deal with many of the terms and items contained in this post.
Presidio Real Estate Services provides investor’s the tools they need to succeed in today’s real estate market. For a free copy of our bi-annual foreclsoure report please email Foreclosures@PresidioRentalSolutions.com