Positive Real Estate News - California Home Defaults Going in the Right Direction
A 40.2% drop in the first quarter foreclosures
A very much hoped for and somewhat surprising large drop in first quarter defaults suggests that the overall foreclosure crisis is easing here in California as a whole. New data suggests and supports evidence that the federal government and big lenders are doing their part in stepping up efforts to keep troubled borrowers in their homes. "Mortgage default notices -- the first step toward foreclosure -- plunged 40.2% statewide in the first three months of the year compared with the same period in 2009", according to San Diego research firm MDA DataQuick. One of the big fears and almost suppressed real estate topics the last many months has been the so-called upcoming second wave of foreclosures. These current numbers suggest that the housing market might not after all become flooded by a fresh stockpile of bank repossessions. "It is surprisingly good news," said Gerd-Ulf Krueger, principal economist at Housingecon.com. "There is still a lot of supply lurking out there, but at this point, it looks like it is pretty much under control." "In coastal California, things are looking pretty decent," said Richard Green, director of the USC Lusk Center for Real Estate. Santa Barbara Real Estate fits into this category as our market overall has seemed to stabilize the last 6-9 months in almost every area except the very high end. Sellers are realistic with prices and buyers are buying. On well priced homes in the last several months, we are also seeing a series of multiple offer situations across every price point. Further Reading:
- Any Luxury Homes in Foreclosure in Montecito CA?
- How is the Hope Ranch Real Estate Market Holding Up with Short Sales and Foreclosures?
- How to Find All the Goleta and Carpinteria CA Short Sale and Foreclosure Statistics
- Any Great Short Sale Opportunites in Santa Barbara and Goleta CA
- Strategies to Buying a Home in Foreclosure Here in Santa Barbara CA
- Potential Negatives to Buying Santa Barbara Homes in Foreclosure
- Any Great Deals on Homes in Foreclosure in Santa Barbara
- Search the Santa Barbara MLS and More
- Santa Barbara Real Estate Voice…Your Online Real Estate Resource
For information on Real Estate here in Santa Barbara, Montecito and/or our surrounding areas, as well as any other aspects of life in our area, please don’t hesitate to contact Kevin Schmidtchen at Sotheby’s Int’l Realty. Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts. Subscribe to Receive Personal Listings of Santa Barbara Area Properties Search the Santa Barbara Area MLS