According to the top California foreclosure tracking resource, which tracks every California foreclosure and provides daily auction updates, and has issued its monthly California Foreclosure Report for May 2010. Foreclosure filings, outcomes and inventories dropped overall from April to May. Foreclosure filings have declined substantially year-over-year with Notice of Default filings down 43.3 percent and Notice of Trustee Sale filings down 35.8 percent. The only significant increases from the prior year were Cancellations, up 141.3 percent, Sales to 3rd Parties, typically investors, up 75.4 percent, and Time-to-Foreclose, up 30.5 percent from May 2009.
Santa Barbara had 208 notice of trustee sales for May of 2010, down from 273 the same month last year. We have participated in several of these sales and the speed with which the REO are moving and the processing of these sales has improved dramatically. Banks are better equiped and more familiar with the process and the REO buyers are better informed and pepaired as well. This all bodes well the for the Santa Barbara real estate market, California and the nation as we are moving towards a market normalization as this inventory is absorbed. Purchase loan rates are some of the lowest in years once again and prices are still very favorable, which is a combination seldom seen in and real estate market. As more loan product becomes available and lenders get back to favorable lending practices, markets are stabilizing as show by these Santa Barbara foreclosure and state wide foreclosure numbers. For a customized list of the best forclosure properties available in Santa Barbara, contact us here and we will email you the current list.