I have tracked trustee sales (sales on the courthouse steps ) for the last year – watching for the avalanche of foreclosures we have all been anticipating.
There has been a marked increase in these filings the last couple of weeks. Yesterday, my weekly list had near 800 properties! Compare that to 155 a year ago – July 2007. This is a 500% increase in properties for sale coming on to the market. There is a noticeable upward bias to the east and north county neighborhoods, too.
This must be the feeling an astronaut has as he sits on the launch pad and hears “10, 9, 8, 7….”
These numbers are shocking, even to me. Clearly, we are in a buyers market. My advice is to avoid being a seller. If you must sell, have an iron clad, multi-pronged exit strategy.
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