Monday, March 17, 2008

Santa Barbara Foreclosure Trends

I know this is going to come off as some kind of understatement, but I'll write it anyway. "This is a very interesting Real Estate Market!"

Updating the numbers for the Foreclosures Trends is just like updating any of the other numbers I look at each month, Crazy!

If you remember when I first started this chart it was a little void of much historical data for the number of loans that are adjusting here in Santa Barbara County. As you can see we are starting to see a trend there.

The number is down to 41 in February. I can tell you the number will go up to the 180 mark as soon as May, so don't think we have seen the end of that.

You can also see from the chart that the number of Notice of Defaults that are recorded seems to have plateaued in the 280 range for the last couple of months.

This in turn affects the number of properties going back to the banks reflected in the number of Trustees Deeds being recorded. February had 95 of those record down from 98 in January. This will cause the number of bank owned listings to increase in the coming months.

The number of Bank owned Properties that sold in February rose to 24. This is a relatively good sized increase over the 17 in January and December that were recorded. I would expect to see this number be pretty consistent over the next few months. It may rise some as well since the number of Trustees Deeds has been pretty high for the last couple of months.

I think the key is going to be what is happening with the number of Notice of Defaults recorded in the coming months. If that number grows even though the number of loans adjusting has decreased then we can guess that those loans aren't as big a problem as once thought.

See You In Escrow!

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