We are well into 2011 and one of our commitments to keep our clients up to date on what is happening in the local real estate market. This is the first in a series of reports of you can download related to foreclosures in Ventura County. It seems as though some of the hype has quieted down recently. I don’t know why, as I anticipate 2011 to be a tough year. Notice of default and notice of sale filings have increased 5% percent over this time last year. It looks like this year will be the last year filings increase unless the job markets fall apart again. Another important figure is the avg. time to foreclose. The chart below indicates it is taking on average 321 days for lenders to foreclose. This is an avg, so some homeowners are able to stay in their homes for up to two years without making a mortgage payment. But be prepared for this to change. The bottom chart tells a story. Banks are cancelling less foreclosures and incresaing the number of homes they are taking back.
Ventura County Foreclosure trends show that once properties are foreclosed upon it is taking on average 200+ days for the banks to resell them and just 160 days for investors to resell them. We also are seeing more properties taklen back by the banks and foreclosure cancellations decreasing. This shows that the Robo Signing scandal is finally working itself out and banks are starting to foreclose on more properties.
Please feel free to email us for a more detailed report.