Monday, April 14, 2008

Santa Barbara County Foreclosure Trends

In reviewing the statistics on the foreclosure chart. You can see that having some historical data is a good thing.

The number of Notice of Defaults that have recorded the last few months are hanging around the 250 to 280 ish mark. I think this is probably where Santa Barbara County is going to be for a while.

I say this because I can see that the numbers of loans adjusting is going to continue to rise through August which is the latest month I have.

August's number is 222, which is the exact same number of loans that were scheduled to adjust in the county in November. November was the highest month on the chart to date. It will be interesting to see if that number goes any higher this year. I suspect it could.

The number of Trustees Deeds peaked in January and so did the number of Notice of Defaults. It is good to see a correlation between those 2 numbers.

The number of REO sales hit an all time high in March of 25, one more than we saw in February. I would expect these numbers to be consistently at this level or higher for the coming month. This is a particularly good sign, because that means the lenders are getting these properties off of their books.

From what I'm hearing it sounds like the lenders who are taking these properties back are doing what they can to move these properties quickly, and our markets seemed to have adjusted to it.

You may notice on the chart that the number of REO's and Trustees Deeds are converging. This is also good, because the number of properties being sold to end consumers and the number of properties that banks are taking back are coming closer together.

In other words the number of bank owned properties on the market will be less of an influence since they are moving about as soon as they come on. The faster this inventory turns over the better and closer we are to having a market less influenced by these foreclosed properties.
See You In Escrow

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