Enclosed is the update of activity for February 16, 2009 through March 15, 2009, click here to view the updates. There were a total of 32 new listings. There were 14 pending sales. Of the residential sales there were 10 sales between $200,000 and $600,000, 4 sales between $601,000 and $999,999, no sales between $1,000,000 and $1,999,999, and no land sales. There were 9 sale completes. Their were 59 price decreases and 1 price increase. The number of current listings are up slightly; however they are still very high at 335 listings specific to the Santa Ynez Valley.
Rates continue to go up and down on a daily basis. We are checking daily with lenders and trying to make sure our buyer have their loans locked in and for a long enough period of time if they are dealing with the purchase of a short sale. Conforming 30 year fixed rates up to $417,000 are at 4.875% at 1 point and Jumbo Conforming Loans which are loans up to $603,250 are at 5.5% at 1 point and Super Jumbo Loans are at 6.75% at 1.25 points for origination. The Conforming 5 year Interest Only is at 4.75% at 1 point. The 11th District Cost of Funds index (COFI) is down slightly at 2.455 for the month of March. We are adding the 6 month LIBOR index to our update letter as it is becoming the standard for many Adjustable Rate Mortgages. FYI: LIBOR is the abbreviation for "London Interbank Offered Rate." The 6 month LIBOR rate is at 1.96; last month it was at 1.75; 12 months ago it was at 2.74.
It's almost Spring. I am so excited. Spring always gives me spring fever and besides Spring Vacation and Easter Egg hunts are on the horizon at our house. That is, after we get over talking about the Leprechaun who visits at night and leaves little gold coins in secret places. By the way...Happy St. Patrick's Day. Don't you just love the innocence of children and how they look at things. It was so much easier way back then.
Good News for Spring - listings have been selling---every listing we have under $600,000 except one is in escrow at the moment. 1st time Buyers, young people and investors have been looking at this time as a great opportunity. We are still a long way from getting out of this situation but there is progress.
The education situation and budget remains scary. I know of so many teachers who will be looking elsewhere for employment. I am fearful for our children on how this will impact their academic needs. I know the teacher in our family, our daughter, Amie has a full schedule of classes at SY High School and 150-160 students who will not have the benefit of her expertise or caring attitude unless a major windfall happens to the High School budget. This kind of situation affects us all as property owners. One of the reasons our real estate has the value it does is because we have great schools. The number one question from young families moving to the family is "How are the Schools?" I hope we have the financial resources and teachers to keep on top of the academic ladder for next year and beyond. In the meantime, we thank you again for your loyalty and support in seeking us out when looking at properties in the valley and for choosing in 2009 to get your information about Santa Ynez Valley real estate from................
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David Macbeth and Marlene Macbeth