I was just dusting off my real estate license and wondering how many VA repos were for sale in San Diego. It's kind of weird, only 3 for the whole state of California. Florida had 20 and Arizona had 1. The nice thing about VA Repos as a real estate agent, you get both sides of the commission. You get the full 6%.
Back in 1999 it was normal to see anywhere from 20 to 50 properties listed every two weeks for the San Diego area alone. The big thing about VA Repos, was that they could set the comps for a particular area in a fast way.
From the looks of the present figures, there is a couple of years of agony in this market before it even gets to the 1999 figures. The peculiar thing is that Realtytrac has 6,100 houses listed as REO's in the San Diego area. You'd kind of guess that maybe about 50 of them ought to be VA.
Here's a neat site for California readers. It lists the REO's, NOT's, and NOD's for an area (you only get 20 in an 8 mile radius unless you want to pay for the service) Foreclosure Radar. My wife went through our whole address book on this web site, and it does not look good anywhere in LA or San Diego (at least for the people we know).