Santa Barbara and Goleta Boasts Second Lowest Unemployment Rate in the State

California has been one of the states hit the hardest by the economic downturn and unemployment. Nationally, around 6,000 people are still losing jobs daily. However bleak these harsh facts are, Goleta and Santa Barbara have maintained the second highest employment level despite national and statewide turmoil. The Santa Barbara Independent recently reported that:

"at 8.4 percent, Santa Barbara County has the second lowest unemployment rate in the state. Statewide, the unemployment rate is 12.1 percent; nationally it’s 9.6 percent. The prognosis, according to Ben Courtney and Tyler Powell, financial advisers from Wells Fargo who delivered a mid-year outlook, is that Goleta can expect a continuing trend of moderate recovery."

This is great news for first-time home buyers in the Santa Barbara area! Buying your first home is an emotional process. When facing the prospects of a 30 year mortgage, many may worry about job security. Luckily Santa Barbara and Goleta have been blessed with a steady job market that will allow for first time buyers to make their dreams a reality.

Santa Barbara Real Estate Market News

Many economists and real estate agents are speculating as to how and when California will bounce back from the drop in home prices seen earlier this year. Statistics have shown that in August the number of homes sold in California fell nearly 11% from July. Also, the median sale price in California has increased again for the fourth time this year at $275,000 in August, up 2.6 percent from July.

Of course Santa Barbara homes have a much higher median, but these statistics illustrate an increase in overall home value and demand. Not to worry though! We're still very much in a buyer's market. Number are still low compared to previous years- the median peaked at $505,000 in mid 2007.

Even more notable is DataQuick's report that homes in more costly areas such as Santa Barbara have come down in cost by about half as much as those in newer, more affordable neighborhoods. This is great news for those hoping to buy their first Santa Barbara home!