Santa Barbara - One of the Best cities for a Housing Recovery per Forbes.com

While reviewing the Forbes.com web site, I found an interesting article about Santa Barbara.

Best Cities For A Housing Recovery Matthew Woolsey, 08.13.09, 04:00 PM EDT ]

Increased transactions and relatively low foreclosure resales spell good news for these markets. "...key measures indicate that some metros are more on their way to recovery than others...where sales activity had picked up over the last year, but where foreclosure sales, as a percentage of overall sales were the lowest." Santa Barbara ranked in the top 10 for being one of the Best Cities for a Housing Recovery, coming in at number 9.

http://www.forbes.com/2009/08/13/recovery-cities-homes-lifestyle-real-estate-housing-recovery-cities.html

If you are waiting for the bottom of the market, our local stats show that might have been in February, around the same time the stock market appears to have bottomed out. Prices have been relatively flat since early March, and sales are brisk on entry level inventory. Even our high end has rebounded, as I wrote in my recent activerain.com/kbarnato blog: "Since January 2009, for properties priced $5MM and up, there have been 17 sales in south Santa Barbara county with 6 pending sales reported as of this writing. " (August 19).

Interest rates are still very good, with money available to those that qualify with the new loan parameters (which seem to change daily). Cash is king, and terrific values are definitely available. The first time home buyer tax credit of $8000 expires at the end of November. (http://www.federalhousingtaxcredit.com/2009/faq.php). If you need a contact person to discuss loans or the tax credit, let me know; I have several sources.

As always, I am available to you by email, cell or text, and appreciate your referrals for any real estate need. My listings, all open this weekend, various times and hosts:

737 E. Alamar $719,000, 2 bed, 1.5 bath in the San Roque neighborhood MLS 09-1137 http://www.imagemaker360.com/94752

1607 Payeras $895,000, 4 bed, 2 bath on the Mesa MLS 09-2882 www.1607payeras.com

3035 Hermosa Road, $1,580,000, Green built, wholehouse remodel, 4 beds, 3 baths, Samarkand neighborhood MLS 09-2831 www.30335hermosa.com