Vacancies grow in Santa Maria commercial real estate sector
San Luis Obispo-based Stafford-McCarty Commercial Real Estate recently released a sobering account of the impact that the struggling economy has had on Santa Maria.
As the first to feel the blow of subprime loans, the residential market has been carrying the weight behind the general real estate downturn, but in Santa Maria, vacancy rates have begun to rise in commercial sectors.
Home sales dropped more than 20 percent from 2006 to 2007, the report said, while sales of foreclosed homes have been steadily increasing from two sales in January 2007 to 53 sales in February this year.
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