Lompoc is an incredibly diverse community. The real estate lending game is all over the map. There is the pain of foreclosures that affect the market. The short sales are also part of the pain being experienced.
Getting a real estate loan has been hampered by properties that don't have equity as well as the overall economy in that area being poor. If you have a well paying job you are one of the lucky ones.
Besides residences the area is full of agricultural and ranch land. These properties are part of what makes the community diverse enough to hang in there during these difficult times in this real estate cycle.
Having said all this what is going on with residential lending in the Lompoc area? The refinance market would appear to be on the way up since January of this year. That is certainly good news. Individuals that can refinance out of an existing loan are getting some help. I have to believe the conforming loan programs are helping here.
The residential purchase loan segment of the market isn't quite showing the same increase yet as the refinance market. It dipped a bit from March but overall the trend is still up from fall of last year. Having the conforming loan programs available is bound to be a good thing on purchasing property in this area. Progress is slow and will probably continue to be.
See You In Escrow!
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