Every month I do a little number crunching and come up with the numbers that reflect the residential lending activity for Santa Barbara's South Coast, as well as Lompoc and Santa Maria.
As you can see from the chart the number of non purchase transactions has dropped over 50% from March of 2007. January is not typically a busy month in general, but that is huge.
Our escrow officers have seen a big increase in the number of refinance escrows they are opening. I expect this number to begin to increase in future months.
It is the same story on the residential purchase loan side. January was down, and from what I know of February, it won't be much better.
On a positive note the open sale escrows in February have certainly shown signs of life. We have opened many more than in January. See You In Escrow!
As you can see from the chart the number of non purchase transactions has dropped over 50% from March of 2007. January is not typically a busy month in general, but that is huge.
Our escrow officers have seen a big increase in the number of refinance escrows they are opening. I expect this number to begin to increase in future months.
It is the same story on the residential purchase loan side. January was down, and from what I know of February, it won't be much better.
On a positive note the open sale escrows in February have certainly shown signs of life. We have opened many more than in January. See You In Escrow!
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