Bank Owned Properties For April 2008

Santa Barbara County has not been immune to the foreclosure issues facing the country. There are of course some very distinct differences between the North County and the South County when it comes to the properties being foreclosed on and taken back by the bank.

There were 123 properties taken back by the lenders in April. Of those only 7 properties were in the Santa Barbara, Montecito, Goleta, & Carpinteria areas.

The Santa Maria, Lompoc, and Santa Ynez Valley areas took the brunt of the bank owned properties as has been a consistent trend. 116 was the total for all those areas and the hardest hit was Santa Maria.

I'm not expecting this trend to slow down, but I also don't expect it to increase much in the next few months. We have noticed that Santa Maria's property sales had a significant increase in April and I am expecting more of the same since this was a trend in many parts of Southern California as reported by Dataquick.

I do have to throw in the prerequisite disclaimer that this information is deemed reliable but not guaranteed.