The trends for Santa Barbara County's foreclosures haven't changed much in recent months. All the areas I am tracking are up a bit. This seems to be the same trend we saw last month with the exception of the number of trustees deeds.
I am trying to put this in to perspective with the number of sales that occurred in Santa Maria and Santa Barbara in April. Santa Maria which had been hit hardest by the foreclosure problem had a terrific month regarding the number of sales. The Santa Barbara area also saw an increase in sales with the community of Montecito setting the pace.
Now back to the foreclosure topic;
The number of REO sales in April is the highest it has been since I've been tracking this information. I think it is about time these properties stopped sitting on the market and started moving. With rates being excellent, unemployment low and prices down I would think properties will be getting snapped up. This may be caused by a number of different issues.
- The number of REO's could just be mirroring the number of trustees deeds recorded
- The market is seeing these properties move more quickly.
- Come to think of it, it could certainly be a combination of both.
I think it is about time these properties stopped sitting on the market and started moving. With rates being excellent, unemployment low and prices down I would think these properties should be getting snapped up.
One fact does remain though, there were more sales and that is a good thing. An REO listing just by it's very nature gets lots of attention from buyers, but now it would appear they are getting more than attention, they are getting new owners.
See You In Escrow!
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