Tuesday, January 22, 2008

Santa Barbara Foreclosure Info December 2007

The first thing that is evident from the chart is the number of Notice of Defaults recorded in December spiked up from November.

There were less than 150 recorded in November and December's number rose to over 250.
That isn't good news for homeowners.
  • The number of Trustees deeds rose as well to over 50. This number reflects a lender taking back properties that had been in foreclosure.
  • The number of loans adusting dipped a little and the number of REO (bank owned) properties that sold continued a pretty consistent trend.
  • Santa Barbara County has been a tale of 2 market places, with the Santa Maria and Lompoc areas experiencing 90 percent of the foreclosures this year.
  • The Santa Barbara area, which includes Carpinteria, Montecito, and Goleta have had relatively low numbers of foreclosures.

What will we see in the future?
There has been a lot of attention paid to this market. The government has stepped in and given many sub prime borrowers time to sort our their situation. There is also continued talk about raising the conforming loan limits in California, which could help some home owners. The continued pressure to lower interest rates even more is also something that could affect this market in the near term. I will not be surprised even with the number of Notice of Defaults being recorded if we don't see a pretty significant slowing of homeowners in distress.

If you would like more of a California perspective check out this article on Inman News. Let me hear you thoughts and See You In Escrow!

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