Trails in the Sky is made up of a First Chapter and Second Chapter, as well as a 3rd Chapter that resolves remaining plotholes and foreshadows the Crossbell and Erebonia-based games. So we're playing FC at the moment, and SC should come out either in Winter of this year or early next year. 3rd getting localized is a matter of sales and precious time, same goes for the following Kiseki games (which all take place in the world of Zemuria).
Too bad XSEED already gave up of the third, as they stated that it's too much for them(there are nearly 3.200m of lines to translate from the japanese). So the chances are against us. I don't think Carpe Fulgur will take all that alone.
I really like the series, but if in the end we'll be missing the 3rd one, they should have translated the Falcom's Zwei I or Zwei II+ game(or both), they are so awesome(mostly talking about II+).