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Santa Maria Foreclosure Alert: Are foreclosures frozen in Santa Maria, CA?

October 23, 2010

Are foreclosures frozen in Santa Maria, CA?

Thus far, Bank of America is the only bank that has frozen its foreclosures in California. And in fact, Wells Fargo has not frozen foreclosures anywhere. I realize this is a controversial subject, but I do agree that freezing foreclosures or trying to turn back the clock only benefits a limited group of people. In California, most people who are losing their home to foreclosure are severely underwater and I find that once the foreclosure happens, a sense of relief soon follows that they can put the whole thing behind them.

Right now, none of the foreclosures (or REOs) my buyers are purchasing in Santa Maria or Orcutt are threatened with a freeze or reversal. Of the 298 homes and condos actively listed on the Santa Maria and Orcutt market, 60 are foreclosure homes. None of the REO (foreclosure) agents I’ve spoken to indicate that they have plans to freeze any of their foreclosure listings. In fact, since October 15th, 7 Santa Maria foreclosures have closed escrow.If you are in the market for a foreclosure deal in the Santa Maria or Orcutt market, please contact my office and set up a buyer consultation. I can be reached at (805) 878-9879.

*Based on the information from the Central Coast Regional MLS. The Association, the Multiple Listing Service, nor Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market.

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