Wednesday, July 1, 2009

Santa Barbara Foreclosures For June

Before I get in to my comments about foreclosures in Santa Barbara, I would like to say we were pretty busy folks in June. Closing a number of sales as well as processing quite a few refinance escrows. Many of the people I speak with seem to have a little better outlook on real estate in our fair county.

Enough of my observations for now!

As you all are probably aware of by now the foreclosure process starts with the recordation of the notice of default. In Santa Barbara County we have been experiencing a record number of them being recorded. Our all time high was 414 in February and since then we have fallen off of that a bit, and June was 332. It would appear to me that we are going to bounce around the 300 number for a while.

If you want to watch this number day by day you can do so at the county website, which updates their information between 4 and 5 each day. Got that straight from the webmaster.

The next step in the process is the recording of the notice of trustee sale. June was 232 which is down a bit from the high of May, 273. No big surprises there since the NOD's reached 414 about 90 days ago. That is about the time frame you might expect the notice of sale to appear.

The last step in the process is when the bank takes back these properties, and that is when the Trustee's Deed gets recorded. June was at 145 which isn't even close to the highs of July, August, and September of last year.

All in all, it appears to be kinda the same ole same ole when it comes to how many foreclosures are showing up. The only thing that I'm not sure of is if these numbers are being affected by some of the loan modification programs that are in place. It would appear that a smaller percentage of properties are going back to the banks, but I will be more comfortable saying that with a few more months of numbers.

Enjoy your July 4th Weekend!

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