On article in the Santa Maria Times today stated that in April, California had 64,683 properties facing foreclosure, the largest number in the nation.  This represents a 112% increase from April 2007.  Nationwide, the number of homes facing foreclosure is up 65% from the previous year.  The article states that it is expected that there will be more than 1 million foreclosures in 2008.

Looking at the statistics on the Central Coast Multiple Listing Service (MLS) – As of today, there were 961 total properties (for sale and in escrow) that were on the market in the Santa Maria/Orcutt area.  Of those, 685, or 71.2% were either pre-foreclosure or bank-owned properties.