Posted by Cheryl-E
on November 16, 2008, 9:22 am
67.142.130.25
I was VERY busy this week, purchases, refinances and HELOCs. Foreclosure sales picked up. Had been quiet for about 3 months (Aug, Sept, Oct). But seems we're seeing a little activity, although the County Recorders clerks tell me there was little sales activity during October/November so far in Santa Barbara county.
Every dark cloud has a silver lining. Over 200 homes so far accounted for in total fire destruction in Montecito. These people will rebuild, or sell their vacant, cleared property and leave. We had an equally devastating fire in 1977, mostly people stayed because they love it in Montecito so much, generations of families have lived here as well as the rich and famous who have made this their home in the last 20 years.
So, should put a few people to work. If insurance wasn't adequate to replace what they lost, they'll get HELOC money to carry out their plans, as values really haven't dropped that much here in Santa Barbara/Montecito area.
Fire is 60% contained this morning, barricades and road closures lifted, people sifting through the ashes and debris to try to salvage what they can. It's a beautiful day here, but in Montecito there are a lot of broken hearts and sad families. Pray for our neighbors! I know the devastation, my mother's house burned to the ground when I was 6 years old.
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