October 2008 - Santa Maria CA Real Estate Blog & Information, REALTOR® Selling Santa Maria CA Homes

Nipomo CA Real Estate Market Update & Free Listing Search

10/31/2008
Central Coast Real Estate

The Nipomo California real estate market is piping right along with 15 sales in the last 30 days. Of those sales, 4 were short sales, and 8 were bank owned properties, so foreclosures are the dominating force in that market currently. A total of 143 homes and condos are active or contingent.

Santa Barbara & San Luis Obispo County Foreclosure Mini-Market Update

10/15/2008
Central Coast Real Estate

Are we beginning to turn the corner on foreclosures on the central coast? The number of notices of default ("NODs") filed in both counties marked a sharp decline last month.

Pismo Beach, Arroyo Grande & Grover Beach CA Foreclosure Market Update

10/12/2008
Central Coast Real Estate

There is a tremendous amount of interest in buying second homes in this market. Due to the financial and housing crisis, some are taking the opportunity to buy a vacation home on the central coast. Although, we have most certainly seen significant price reductions, foreclosure activity is relatively low in Pismo Beach, Arroyo Grande & Grover Beach compared to the nearby northern Santa Barbara communities of Santa Maria, Orcutt, & Lompoc.

Buying Bank Owned Properties (REOs) in the Santa Maria/Orcutt and Lompoc/Vandenberg Village Foreclosure Market

10/07/2008
Foreclosure / Bank Owned (REO) Info, Lompoc / Vandenberg Village, Santa Maria

The Santa Maria and Lompoc real estate markets are currently dominated by foreclosure listings. Of the 663 active listings for homes/condos in the Santa Maria - Orcutt area, approximately 25% (165) are bank owned properties (REOs), and about 50% (339) were short sales. Similarly in the Lompoc - Vandenberg Village active market for homes and condos, there are 198 total listings, and 20% (39) were REOs and 40% (81) were short sales. This means that 75% of the active market in Santa Maria and 60% of the active market in Lompoc and its surrounding areas could be classified as either a foreclosure or a pre-foreclosure. Certain trends or practices are becoming fairly routine in this market.