The downturn has produced an unprecedented number of foreclosed commercial properties in Ventura County covering all asset types from hospitality to industrial and office condos. Investors looking for value are taking advantage of higher capitalization rates, and business owners are finding that substantially lower acquisition price points (combined with low SBA financing rates) are making ownership vs. leasing a smart financial option. Here are a sampling of specific properties in various asset classes that have reverted back to their lender this year:

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The number of foreclosures has been big in the news but what Ventura County residents really care about is what’s happening locally – not in another county or another state.  See the chart for the last 12 months. The Notice of Defaults and Trustees Deeds are on the rise, while the number of Trustee Sales is trending downward

The quarterly chart shows NODs on the rise, NTSs are see-sawing and REOs are rather flat.

Data courtesy of Foreclosure List Service.com.

Everyone interested in real estate has heard by now that Bank of America has temporarily suspended all foreclosures in the country, and other banks have suspended foreclosures in states that have judicial foreclosures (like Florida). I’ve been asked over the past few days how and if this affects us in California. The short answer is – not really. Here’s the rest of the story…

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On a macro level, tracking the number of homes for sale gives buyers and sellers a sense of where price points may be heading. More inventory tends to give buyers the edge (they can be more choosy) while less inventory tends to favor the sellers. Here are the inventory numbers for Ventura, Oxnard and Camarillo.