Monday, September 22, 2008

Santa Barbara's August Sales Numbers.

How does 123 transactions in August hit ya? The impression it left on me, was same ole same ole. Since March of this year the number of transactions in the Santa Barbara, Carpinteria, Goleta, & Montecito real estate markets has been very consistent.

The lowest number during that time frame was 118, and the highest number was 135. During that time we have seen the number of foreclosure properties jump a bit from a few a month to 22 or so. There have been a number of financial institutions that have had to take some drastic action just to survive. Some didn't! The number of refinanced home loans has been dramatically reduced.

Besides the number of transactions, home loan rates have also been relatively unchanged. Qualifying for a loan has remained relatively difficult even for the most qualified buyers, but it is getting done.

What does it all mean? For me, I am glad that the number of properties changing hands has remained pretty consistent. When many things around these sales have been in total chaos the consistency tells me there is still some demand. People are willing to buy homes even though the financial world is upside down.

When some of the other areas of the financial markets get some consistent results then you will see some confidence come back in to the real estate lending field. Until that happens I think the number of sales is going to remain pretty consistent, some might say boring.

See You In Escrow!

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