Enclosed is the update of
activity for
December, 2011 thru January 2012.
There were a total of 52 new
listings. There were 38 pending sales. Of the residential sales there were 29 sales
between $250,000 and $600,000, 4 sales between $601,000 and $999,999, 1 sale
over $1,000,000, 1 commercial sale and 3 land sales. There were 35 sale completes. Their were 48 price decreases and no price
increases. The number of current
listings are down; however they are still very high at 244 listings specific to the Santa Ynez Valley.
Rates continue to fluctuate
on a daily basis. Conforming 30 year
fixed rates up to $417,000 are at 3.75% at no points and Jumbo Conforming Loans
which are loans up to $626,500 are at 4.0% at no points and Super Jumbo Loans
which are loans up to $1,000,000 are at 4.50% at no points for origination. The
Jumbo 30/5 year ARM Interest Only is at 3.25% at no points. The 11th District Cost of Funds index (COFI)
is up at 1.221 for the month of February.
The 6 month LIBOR rate is at 0.79; last month it was at 0.80; 12 months
ago it was at 0.46.
A few items of note as we end
the year and start on 2012. The indices
that determine adjustable rate mortgages are rising ever so slightly and
slowly. Is there a reason for this? None
that I can think of except the FED is slowly trying to raise the rates without
causing a major panic. They tell us the
economy is getting a little better which
may be true in some parts of the country but I think California is still in for
some more pain based on the governor's budget and the automatic cuts that are
scheduled. All I continue to hope for is some stability and relative calm..
What's important for you is that you know and project on your adjustable rate
loan is where it is going and how long is it going to take to get there. Need
some help, we can help you figure it out.
There were a lot of Pending
sales these past two months and that is good; the sales are dominated by
distressed sales (Contingent Short Sales and Contingent REO) sales; that is
both good and not so good. Not so good that the market continues to be
dominated by distressed sales (50% of the pending sales in December and 69% of
the sales in January). However, it is good that the market is clearing itself
of distressed homeowners. Yes, it is horribly
sad that so many people are losing or have lost their homes. But this is also
the opportunity for distressed homeowners to get themselves on the road to
recovery. The laws are in place both State and Federally for people to
recover.The big boost at the State level for right now is Senate Bill 458. It
basically waives deficiency judgements for purchase money and non-purchase
money loans. It should also be noted
that this law expires at the end of 2012. What it means is that if you are
granted a short sale by the bank, they can not come after you for the
difference in what is owed and what is paid.
That doesn't absolve you of some of the income tax liabilities but it
can be a tremendous relief. In any case,
talking to your realtor and an accountant or lawyer well versed in short sale,
foreclosure and bankruptcy is very
important. Marlene and I are well versed
and educated in these issues and if we don't know the answers at the very least
we can point you in the right direction.
Being proactive will put you and our economy on the right track.
Be sure and check out our
Website and Property Search engines. We
have access to all three Santa Barbara County Multiple Listing Services and you
can find everything available throughout the County and as far North as Paso
Robles at www.MacbethRealEstate.com .
Looking for Short Sales, Auctions, REO's we have access to those too
through RealtyTrac and Foreclosure Radar. Have a Short Sale, facing
foreclosure, call us for information. At
the very least we can provide you with the knowledge to make an informed
decision. Just give us a call and let
us know what you need. We may be reached during the day at our office
805-688-2969, and in the evening at 805-688-2986. Our toll-free number is 1-800-300-7977. My cell phone is 805-689-4178 and Marlene's
is 805-689-2738. So whether you need to
buy or sell, call us. We would like to show you what we can do! 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 2011 and for the future
to get your information about the Santa Ynez Valley and other areas on the beautiful Central
Coast from.........
David and Marlene Macbeth, CDPE, CIAS, e-PRO, GRI
Your Real Estate
Professionals
Providing Old-Fashioned
Service Using Today's Technology