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Certified Military Housing Specialist Military Relocation Professional

Santa Maria Foreclosure Alert: Are foreclosures frozen in Santa Maria, CA?

I realize this is a controversial subject, but I do agree that freezing foreclosures or trying to turn back the clock only benefits a limited group of people. In California, most people who are losing their home to foreclosure are severely underwater and I find that once the foreclosure happens, a sense of relief soon follows that they can put the whole thing behind them.
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Santa Maria – Orcutt 2009 Real Estate & Foreclosure Market Update

1275 single family homes sold in Santa Maria and Orcutt in 2009. This excludes PUDs, condos, and manufactured homes. This figure is slightly higher than the 1230 homes which sold last year. 175 condos and PUDs sold during the same period in 2009; compared to 130 units in 2008. So, overall the number of sales in Santa Maria and Orcutt is up.
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Santa Maria CA & Lompoc CA Foreclosure Buyers Can Choose Local Escrow Companies

Finally! Those of you who read my blog recall my recent blog post on buying a foreclosure and not receiving your keys until the day after it closes. It appears that the Claifornia legislature has take a stab at the heart of the problem, which was the fact that buyers were not allwoed to pick their own excrow companies in these transactions. Banks would hire title and escrow companies to complete their foreclosure proceeding and when they turned around to sell the property as an REO, they would compel the buye to use that same title/escrow company to complete the purchase.
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Where Have all the Houses Gone in Santa Maria – Orcutt?

When I searched the MLS for active properties this morning, I came up with 158 single family homes or condos for sale. 29 of those listings are short sales, and 35 are active REO listings. There are 234 contingent listings, and 222 of them are short sales. In the last 30 days, 131 homes have sold, with an average price of about $250,000, average price per square foot of $150, and averaging about 75 days on market. 28 of those sold homes were closed short sales, and 61 were REO (bank owned property) sales. Average days on market for short sales were about 120 days (this reflects the time period to obtain bank approval), and average days on market for REO listings was about 53 (this includes the time it takes to get the contract finalized by the bank).
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Bank Owned Bidding Wars in the Santa Maria – Orcutt CA Foreclosure Market

Is it a great time to buy? Yes. Interest rates are at historic lows, Congress just passed an $8000 tax credit for first time buyers, and prices just keep getting better and better. There are plenty of folks who are taking advantage of this opportunity. As such, jumping into the current market for foreclosure properties in Santa Maria - Orcutt CA can be a rude awakening for potential buyers. Currently, there is a lot of competition for foreclosed properties. REOs comprise the majority of sold properties in the Santa Maria and Orcutt housing market.
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Santa Maria CA & Orcutt CA Short Sale Buyer Information

With the majority of single family homes and condos being listed as "short sales" in the Santa Maria CA and Orcutt CA market, buyers are considering this type of listing more often. A "short sale" is a property listing where the owner owes more than the homes' current value, but still desires/needs to sell. Unfortunately, this is not an uncommon position for sellers in Santa Maria CA.
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Santa Maria CA & Orcutt CA Homes For Sale

There are currently 528 homes for sale in the Santa Maria CA (and Orcutt CA) area. Approximately 250 of those homes are short sales where bank approval is necessary to complete the sale. About 141 of the remaining homes are bank owned / foreclosure listings. Thus, approximately 50 percent of the Santa Maria inventory is short saled, and about 25% is bank owned (REOs). You can search for short sales and REO Santa Maria homes at www.iLoveSantaMaria.com and www.iLoveOrcutt.com.
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