Tuesday, April 7, 2009

Can The Market Be Heating Up?

I know the sales volume in the south county of Santa Barbara has been setting records, records for the lowest number in recent history, but in many places of California the volume is up, way up!

This CNN Money article points to some real significant signs of life in California real estate.

In the lower end markets the number of sales are up significantly and have been for a number of months. In February 2009 Californian's bought 600,000 homes according to the California Association of Realtors. That is an 80% increase from February 2007.

These sales appear to be fueled by low mortgage rates and the sense that prices are hitting or nearing the bottom. This is also being made evident by the activities of investors getting back in to the market.

Here in Santa Barbara County we have seen this happening in Santa Maria where they were hit very hard by the foreclosures that many parts of the country have felt. The number of properties selling has increased significantly and doesn't seem to be slowing down.

The majority of these properties are banked owned or in some state of the foreclosure process and I would think buyers are sensing them being a bargain, especially with the low interest rates that are available. \

If you don't believe me, make sure you read the article I mentioned above.

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