Tuesday, May 27, 2008

Santa Maria Residential Loan Activity

Santa Maria would appear to be in a steady climb since the end of last year when it comes to residential lending activity.

The purchase loan market which has been hit by a number of foreclosures is continuing to see improvement in the number of transactions. April showed 108 residential purchase loans for the Santa Maria area. This is the highest number since August of 2007.

As I reported in a previous post, Santa Maria had a 54% increase in the number of sales in April. I am anxious to see the numbers for May. The improvement should continue and this will help the area's economy in general.

Refinancing has been a difficult thing for borrowers to do in recent months. It has been affected by lower home values and increased borrower scrutiny.

The conforming loan products have been getting some help from government backed programs. This would appear to be helping the Santa Maria market as April's non purchase numbers continue to improve. There were 234 non purchase transactions which was about a 7% increase over March.

See You In Escrow!

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