The worst pain is over - but the recovery will be slow and barely noticeable!
Part of this can be blamed on the fact that 30% of all mortgages in California are under water! So far this year 43% of all sales in California have been short sales.
That being said there is now less inventory in The City of Santa Barbara, only 4,5 months. 6 months inventory is the magic mark between a buyer's and a seller's market. This market located in the City of Santa Barbara has replaced Goleta as the new "hot" market.
Noteworthy is also that there are currently more homes for sale Montecito than the much larger markets of Santa Barbara and Goleta.
On a positive note interest rates have once again been lowered, now under 4% which should help intensify the home sales.
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