Interesting Trends in REO Saturation in Ventura County
For the second month in a row, there have been increases in the number of foreclosure homes that the bank is placing on the market for the nation and the Ventura County area, helping to confirm speculation that banks are becoming more aggressive in moving their REO backlog onto the housing market.
In March, the national REO rate went up 1.2 points since last month and 1.8 points over the past quarter to hit 27 percent, indicating an increase in sales in bank owned property. The West, including Ventura County, had a softer increase in bank owned sales than the Midwest.
Although REO sales have increased, home prices were positive for the Ventura County. REO saturation does not appear to be adversely affecting home prices in Ventura County, which leads us to believe that consumer confidence is up for Ventura County residents.
It is forecasted that the nation’s prices will increase modestly over the next three months to a 1.2 percent growth by the end of the year. It looks as though the Ventura County is turning a corner with a 0.2 percent gain pushing us towards a 1 percent gain by the end of the year.
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