There is news that I just saw that was astounding to me, and could make for a great run for investors in the short sale market.
A record-high 23,117 trustee sales are scheduled for sale Monday, November 30th coverage area (CA, AZ, NV, WA, OR).
Since state laws do not allow trustee sales on state holidays, we are now hit with an overabandunce of sales today. The total number of trustee sales per day for the region is typically five to six thousand.
To cover Thursday, Friday and Monday, the number of sales should reflect three days (15,000 – 18,000). In addition, trustee sales typically slow during the holidays and see a bump in January.
So it’s a little surprising to see four-day’s worth of sales from a three-day period right after Thanksgiving. That being said, it doesn’t mean 23,117 families will lose their homes on Monday. Lately, ninety percent of trustee sales are just postponed to another day.
Susan Park, a short sale investor in Southern California mentioned “that she could not believe all the trust deed sales scheduled for today just in Los Angeles County.”
Jeff Coga, said “more than likely half of those foreclosures will get postponed.”
Bernie Germani, another short sale investor said in his market place Lakewood, Long Beach California that he is starting to see the affects of the mortgage meltdown starting to affect the higher end luxury homes, and a lot more people from the higher economic financial status is now starting to call me more in need of help.”
Jesus Yinh, and Exit Real Estate Group Realtor, said that he got a large number of calls over this Thansgiving weekend to help new clients from foreclosure.”
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