Over all,  Santa Barbara area has fared well,  compared to the nation and the rest of the state of California.  Leslie Appleton Young, the Chief Economist for the California Association of Realtors, reports the loss of property value in the state as 31% while in the past year our area has softened only 16%.  Primarily this is due to our limited supply  of homes and our high demand  by buyers, even in a tough economic times.  Our area did not see many sub-prime loans made, leaving us in a stronger  position  today.

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Most experts point to the unprecedented rash of sub prime lending over the past several years as the main cause of today’s credit crunch.  While there were virtually no sub prime loans made along the South Coast, we are still feeling the impacts of the tightened credit market.  In fact, because of our home values are significantly higher than most communities across the nation, one could argue that we are more affected by the credit crunch. (more…)

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