We haven’t touched on Foreclosures lately. Here’s the lates’t scoop. Ventura County foreclosure filings continue to be delayed as lenders sort through the maze of documents, government regulations, and other legal issues that have plagued them for years now. County wide Foreclosure filings are down 18.86 % from this time last year and notice of sales are down over 18%. Does this mean that this worst is behind us ? I don’t think so. Many lenders simply can’t process filings fast enough to keep up with the flood of paperwork. With some many foreclosures being delayed or canceled many investors have moved to the short sale market to find good deals. Increasingly we are seeing investors coming in with all cash to purchase properties via short sale.
Time to Foreclose Hits Record Highs
Look at the amount of time it is taking lenders to foreclose in. Almost 339 Days. This is incredible. Some people may view this as a positive sign. And in some ways it may be. Homeowners are able to stay in their home rather than being forced out only to leave leaving behind a vacant property that falls into disrepair. Many homeowners are able to stay in their home without making payments for several years.
Ventura County Housing Market Looking Forward
What does this mean for the housing market. I’m afraid its troubled waters ahead. Sales have slowed drastically at a time where inventories are at very low levels. I expect you will see this latest slow down last another 12 -18 months before we finally stabilize. There is simply too much uncertainty out there. But on a good note interest rates are at all time lows. It is a great time to be a home buyer if you have cash on hand.