Despite all measures taken by banks and the California legislators 80,755 foreclosures were filed in California in February of 2009.  The foreclosure report provided by Realtytrac indicates a 5% increase in foreclosure filings from January to February 2009.  RealtyTec studies show that California’s foreclosure turmoil increased 51% compared to California’s foreclosure activities in February 2008.

What does this increase in Foreclosure fillings mean to Ventura County residents:

Ventura County Home Buyers: With an increase in foreclosure fillings in California Ventura County home buyers should expect more great deals in Ventura County’s real estate market in months to come.  A great number of homes that go through the foreclosure process come back on the market for sale as Bank owned/REO homes.  As banks need to liquidate these assets, the homes that banks own are usually priced below the market value for a quick sale.

Ventura County Home Owners: With an increase in foreclosure fillings in California Ventura County home owners will see a further reduction in their property value.  Home prices in Ventura County are dominated by many factors.  The most significant factor effecting home prices in Ventura County in 2009 is the number of short sales and bank owned homes for sale.

Ventura County Home Sellers: With an increase in foreclosure fillings in California Ventura County home sellers have to compete with the incredible low prices that banks are offering Ventura County home buyers.  If your home is currently on the market for sale a further reduction in price may be needed in order to keep up with all the bank owned homes offered for sale in your neighborhood.

If you need any more information on foreclosure homes in Ventura County or if you would like to purchase a bank owned home in Ventura County feel free to contact me, Mana Tulberg: 805-443-8898.