This is just a quick update on where we are with Notice of Defaults in the greater Santa Cruz area. As you can see by the graph below, Notice of Defaults have been bouncing between 150 and 200 month since the beginning of the year. Thus we have not seen a real improvement in the market. In the meantime, the shadow inventory that the banks are holding is continuing to grow. So we are going to continue to see the impact of distressed properties on the market for some time to come. Hopefully we will see a downward trend in the Notice of Defaults next year and some momentum to a normal market by the end of 2010. But for now, a great time for Buyers with historically low interest rates and falling house prices.
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