Thursday, April 17, 2008

Santa Barbara's Loan Activity Showing Signs Of Life

So what does showing signs of life mean?

The patient has a heartbeat and despite what has been quite a few months of mixed messages in the home loan business there has been a pick up in the number of loans happening in the Santa Barbara, Carpinteria, Montecito, and Goleta areas.

The number of purchase loans increased by 66% over February's number. There were 93 loans recorded which is the highest number since August of last year when there were 123 purchase loans reported.

How about the heartbeat of the non purchase market in these areas?

March of 2008 showed an increase over February and reported 400 loans as compared to 377 for February. March's number of non purchase loans was also the highest since August of 2007.

I would say the patient is recovering. It is weathering the sub prime drama that saw Bear Stearns, Countrywide, WAMU and many others real from the pain.

With interest rates remaining very low and if Bill Watkins is right they will remain low in to 2009 and maybe beyond. I see very little reason for someone considering purchasing or refinancing to not take advantage of this terrific climate.

Sure, you may actually have to prove you have an income and are able to pay back what you would like to borrow. Heck you may even have to come up with a down payment, but isn't this how things should have been done to begin with?

See You In Escrow!

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