Friday, October 19, 2007

September Loan Activity In Santa Barbara

The loan activity for September was down significantly everywhere in the county. It didn't matter if you were looking at residential refinance or the purchase market the numbers were down in every area over 23% from August. I feel very confident that the credit crisis which hit us a few months back is one of the major reasons for this drastic decline in the market. The lenders have certainly tightened their belts and the property owners are feeling the pain. Santa Barbara's South Coast saw declines of 32% for residential refinances and 28.9% on purchase loans. In looking at the chart, you can see that the number of transactions hit a low for the year without any problem. Santa Maria's numbers were very similar with the residential refinance market dropping 35.8% and the purchase market dropping 23% and both setting a new low for the year. Lompoc wasn't any different, but it's drops were a little more significant on the purchase loans. They dropped 62% from the month before and the refinance market dropped 31% and again they set new lows for the year. I have been saying this for a while now and I am going to sound like a broken record, but if you are a buyer out there and you are sitting on the fence I think jumping in right now wouldn't be a bad idea. You certainly have plenty to choose from and not much competition. The rates are pretty darn good as well. If you are a homeowner and your getting pinched by your mortgage please call a mortgage professional to see what your options are. I have spoken to many myself and they can help. See You In Escrow!

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