California Foreclosures Are Up 15.4% in the Second Quarter
California foreclosures soared to their highest level in more than a decade during the last quarter according to a recent report by DataQuick Information Systems. Lenders submitted 53,943 Notices of Default during the period from April to June. Home sales decreased 24.7% in June in California compared with the same period a year ago, while the median price of an existing home increased 3.2%. The number of applications for home mortgages fell 3.6 percent.
In Santa Barbara County, we are experiencing some foreclosures but most of them are occurring in Santa Maria and Lompoc. Mark Schniepp in his July forecast said that the Santa Barbara median prices will remain relatively flat until 2010 and there will be no recession/no crashing prices. The median price for homes is $1,250,000 up over last year and the median price for condos is $630,000 down from the 2005 price of $675,000. In the charts below, you will see that sales are still stronger than last year and overall I think we will continue to see Santa Barbara doing better than the State and the Nation.
I just sold a condo in the Walnut Park Town Homes complex which I had on the market for one day and closed in 26 days. If you or someone you know is considering selling, let me put my expertise and Coldwell Banker’s marketing muscle to work for you. If you would like to know what your home is worth, call and ask for a free market evaluation.
California foreclosures soared to their highest level in more than a decade during the last quarter according to a recent report by DataQuick Information Systems. Lenders submitted 53,943 Notices of Default during the period from April to June. Home sales decreased 24.7% in June in California compared with the same period a year ago, while the median price of an existing home increased 3.2%. The number of applications for home mortgages fell 3.6 percent.
In Santa Barbara County, we are experiencing some foreclosures but most of them are occurring in Santa Maria and Lompoc. Mark Schniepp in his July forecast said that the Santa Barbara median prices will remain relatively flat until 2010 and there will be no recession/no crashing prices. The median price for homes is $1,250,000 up over last year and the median price for condos is $630,000 down from the 2005 price of $675,000. In the charts below, you will see that sales are still stronger than last year and overall I think we will continue to see Santa Barbara doing better than the State and the Nation.
I just sold a condo in the Walnut Park Town Homes complex which I had on the market for one day and closed in 26 days. If you or someone you know is considering selling, let me put my expertise and Coldwell Banker’s marketing muscle to work for you. If you would like to know what your home is worth, call and ask for a free market evaluation.
Median Home Prices
Median Condo Prices
I just sold a condo in the Walnut Park Town Homes complex which I had on the market for one day and closed in 26 days. If you or someone you know is considering selling, let me put my expertise and Coldwell Banker’s marketing muscle to work for you. If you would like to know what your home is worth, call and ask for a free market evaluation.
Median Home Prices
Thank you for your referrals and anytime you have real estate questions, please feel free to call me on my cell.
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