Could August have been any more of a duplicate of July? There were 941 residential loan transactions in August and 947 in July. I would have expected more of a difference with all the attention the media has been paying to rates and the sub prime loan meltdown. There were some differences between the North County and south County though. The number of purchase transactions in the South County slid by 22% while 
the average purchase loan amount went up. The number of non purchase loans in the South County was down only 13 transactions to 505, not much of a difference. In Santa Maria the number of purchase transactions was up 14% from July while the non purchase loans were up slightly, about 3%. In Lompoc the number of purchase loans was up significantly from July, over 43%. The non purchase loans went do
wn by just 2 transactions there. So if all you did was look at the county number you would have missed the fact that the North Counties purchase loans were up pretty significantly while the South's purchase loan volume declined. The refinance markets stayed pretty steady in both areas as compared to July. Remember to click on any of the charts to view a large version. To review June or July's charts just refer back to my previous posts for those months.
the average purchase loan amount went up. The number of non purchase loans in the South County was down only 13 transactions to 505, not much of a difference. In Santa Maria the number of purchase transactions was up 14% from July while the non purchase loans were up slightly, about 3%. In Lompoc the number of purchase loans was up significantly from July, over 43%. The non purchase loans went do
wn by just 2 transactions there. So if all you did was look at the county number you would have missed the fact that the North Counties purchase loans were up pretty significantly while the South's purchase loan volume declined. The refinance markets stayed pretty steady in both areas as compared to July. Remember to click on any of the charts to view a large version. To review June or July's charts just refer back to my previous posts for those months. 
1 comment:
It is great to see the numbers for SB County broken down this way. It is helpful to get a feel for purchase versus REFI volume by the different sub-markets. I was not surprised to see the purchase volume down sharply in the South County due the serious lack of Jumbo product available. The lack of Jumbo product for well-qualified borrowers is a symptom of the overreaction in the mortgage market to the defaults among less credit-worthy borrowers. After weeks of seeing the banks pull Jumbo products, tighten guidelines, or otherwise make the rates a deterrent to the consumer... we are now starting to see some sanity return -- with products slowly being reintroduced. Let's hope A-paper Jumbo product comes back strong and soon... since our higher-end markets are so dependent on it!
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